17th May 2024 Energy Price Alert – UK Gas & UK Electricity

Wholesale Gas and Electricity prices were broadly neutral on Thursday, with small increases in all periods.

As far as the generation is concerned, the last week saw renewables at 29.3% of total UK electric generation, pretty much on a par with fossil fuels at 29%.

Wind contributed 19% with solar at 9%, and Hydroelectric making up the balance. The average price last week was £67.16/MWh.

At a retail level the market is stable at the moment, and we remain hopeful that prices will drop.

Gas: Gas prices pushed up across the curve yesterday, as prompt supply concerns and higher oil prices weighed heavily on the market.
Power: Power prices moved higher, driven by gas prices and reduced renewable supply over the next few days. Prices have continued to push higher this morning.
Oil: Due to a technical issue no oil prices are available this morning.
Carbon (EU ETS): The ICE Dec-24 traded to €69.50/t yesterday. This morning, the contract opened at a similar level.
Carbon (UKAs): The ICE Dec-24 gained yesterday, settling at £39.69/t. Opening lower this morning, trading at £39.60/t.

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The Procurement Group

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