Electricity and Gas Price Trends – 20th October 2023 to 27th October 2023


Ingrid & Anders
Please find detailed below the latest weekly update on the wholesale electricity and gas market in the UK.

WHAT HAPPENED TO PRICES LAST WEEK ?
ELECTRICITY WHOLESALE PRICE CHANGES (£/MWh)
TERM
1 Year
20/10/2023
121.700
27/10/2023
114.500
MOVEMENT
-6.29%
TERM
2 Year
20/10/2023
118.560
27/10/2023
112.170
MOVEMENT
-5.70%

TERM
3 Year

20/10/2023
112.450

27/10/2023
107.300

MOVEMENT
-4.80%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

20/10/2023
141.142

27/10/2023
135.970

MOVEMENT
-3.80%

TERM
2 Year

20/10/2023
136.788

27/10/2023
132.359

MOVEMENT
-3.35%

TERM
3 Year

20/10/2023
128.004

27/10/2023
123.959

MOVEMENT
-3.26%
SUMMARY

The market has been calmer this past week but daily volatility persists amid weather forecast revisions and the conflict between Israel and Hammas.

Although the 14 day forecast early part of the week showed a cold front moving in, the latest information shows an upwards revision to weather forecasts which eased the pressure.

The conflict in Israel is due to get worse before it gets better and the oil market will continue to feel the pressure.

A declining carbon market also helped ease the pressure this past week. ICE data shows the EUA benchmark contract continued its downward trajectory, shedding over €2/tonne when compared to the same time last week, reaching its lowest level seen since October 3rd.

There is no doubt that the unseasonably warm weather is really helping the situation at the moment but with forecast for low wind conditions, the reliance on imported gas will mean continued volatility next week.

See previous editions of the weekly price trends update by clicking here.

We also have lots of useful news articles that will help you form a much more rounded view of the energy sector before you make a decision on your next energy contract.

Wholesale Price Change 01/01/2022 to 27/10/2023

Overall the average price of Electricity has down by 44.81%
Overall the average price of Gas has gone down by 23.61%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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