Friday Energy Update 5/1/24

After a surge in the wholesale market on the 27th December due to an incorrect cold weather forecasting the market has rebounded to leave it lower than the position on the 20th December. With regards to power. The average £Mwh across all curves is now at £80.23 and on the 20th it was £82.39 (historic average prior to the start of increases Sept 21 it was £46.22). Gas tracking on a similar basis.

The system is still over-supplied with lower than average demand (milder temps plus consumers rein in I suspect due to costs) as well as renewable generation (wind) assisting greatly in keeping the current trend going.

There is still a positive LNG outlook with plentiful European Storage holding firm at 86% full – which is significantly higher than the 5 year average at 9% percentage points.

Get in touch

We are currently saving our clients, up to 60% on their utility bills. Please feel free to contact our Business Efficiency Team, on 01273 424904. So, we can provide you with recommendations around reducing your energy costs.

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