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Energy Wholesale Market Review

Energy Wholesale Market Review Week Ending 29th September 2023

This week, gas and power prices saw bearish sentiment further along the forward curve, as uncertainty surrounding Australian LNG supply lowered following a resolution to strike action at the Wheatstone and Gorgon gas terminals, in tandem with strong EU gas storage levels providing a solid foundation for winter energy security. Similar bearish price trends were captured on short-term gas contracts as day-ahead gas fell 4.0% to 97.00p/th, amid bolstered Norwegian flows as maintenance works at select Norwegian gas fields ended. Conversely, day-ahead power rose 33.8% to £95.00/MWh, opposing the bearish momentum seen in its equivalent gas contract, amid lower wind generation forecasts for Monday acting to tighten system margins. October 23 gas was down 3.4% at 98.50p/th, and November 23 gas decreased 4.5% to 107.20p/th. Seasonal gas contracts reduced by an average of 4.9% this week, with winter 23 and summer 24 gas falling 5.3% and 6.8% respectively, subsiding to 117.45p/th and 117.00p/th. All seasonal power contracts traded lower this week, down on average by 3.8%, as both winter 23 and summer 24 declined 4.5% to £106.50/MWh and £101.25/MWh respectively.

Wholesale price snapshot – Friday-on-Friday


Energy Wholesale Market Review Week Ending 29th September 2023.

Written By Graham Paul

Graham Paul


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