Energy Wholesale Market Review

Both power and gas contracts registered gains last week, contrasting against the previous week’s bearish fundamentals. Day-ahead gas rose 8.4% to 94.05p/th, finding support from a period of notable maintenance across the Norwegian Continental Shelf that saw reduced total gas flows into GB. Day-ahead power rose 55.0% to £89.00/MWh, following a drop in wind output that resulted in a day-ahead price high of £89.00/MWh, the highest level seen since January 2024. September 24 gas was up 7.5% at 95.00p/th, and October 24 gas increased 5.6% to 95.75p/th. All seasonal gas contracts saw gains last week, up by 1.7% on average, while both winter 24 and summer 25 gas increased 2.3% and 1.4% respectively, lifting to 105.90p/th and 99.15p/th. Following gas, all seasonal power contracts grew this week by 2.7% on average, with winter 24 and summer 25 rising 3.6% and 2.8% respectively, rising to £92.95/MWh and £81.50/MWh.

Wholesale price snapshot – Friday-on-Friday

Energy Wholesale Market Review Week Ending 30th August 2024.