Electricity and Gas Price Trends – 23rd February 2024 to 1st March 2024


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
23/02/2024
61.030
01/03/2024
65.130
MOVEMENT
+6.30%
TERM
2 Year
23/02/2024
63.270
01/03/2024
66.670
MOVEMENT
+5.10%

TERM
3 Year

23/02/2024
64.610

01/03/2024
66.680

MOVEMENT
+3.10%
GAS WHOLESALE PRICE CHANGES (£/MWh)

TERM
1 Year

23/02/2024
63.817

01/03/2024
68.817

MOVEMENT
+7.27%

TERM
2 Year

23/02/2024
67.793

01/03/2024
72.378

MOVEMENT
+6.33%

TERM
3 Year

23/02/2024
68.739

01/03/2024
72.772

MOVEMENT
+5.54%
SUMMARY

Gas prices have gone back up this past week driven by colder weather, unplanned maintenance, bullish moves in the carbon market and low LNG send out.

Natural gas pipeline supply issues during the week in both the UK and Norway may be the prime reason for increases at the front-end. According to data from National Gas, Barrow (North Terminal) was taken offline due to a technical process issue which coincided with reduced capacity at Norway’s Skarv field, limiting exports to the UK and EU.

Contract prices further out may have been influenced by sharp gains observed on the carbon market, according to data from ICE the Carbon EUA benchmark contract closed at just under €58/tonne on Wednesday, underlining an almost 11% increase in the contracts value since 23rd February.

Dwindling LNG shipments also added price pressure. According to data from National Gas, LNG send-out averaged only circa 26mcm on Thursday which was a decrease of around 40% when compared to the same day last week and can be attributed to dwindling numbers of laden vessels opting to deliver into British terminals.

Fortunately high storage reserves likely helped matters. According to data from Gas Infrastructure Europe, aggregate EU storage stood at 62.78% full on 28th February. This is a massive 19% higher than the 10-year average for that date and is a far cry from the measly 29.02% that was recorded back in 2022.

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 01/03/2024

Overall the average price of Electricity has down by 143.67%
Overall the average price of Gas has gone down by 126.63%
LATEST WHOLESALE ELECTRICITY PRICE MOVEMENT

Latest Electricity Wholesale Prices
LATEST WHOLESALE GAS PRICE MOVEMENT

Latest Wholesale Gas Prices

 

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