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Day ahead prices eased slightly from their positions at the start of the month with both gas and electricity shedding 10% percent of their value as warmer weather saw demand soften. This trend extended into prices for delivery this summer, although planned maintenance of Norwegian facilities beginning later this week and continuing throughout the coming months has done much to keep prices higher than they might otherwise have been.

By the end of February 2025 contracts for day ahead delivery were on the way down as the UK enjoyed a taste of spring sunshine and some warmer day time temperatures. On Friday 28th, power was trading at £94 M/Wh down from £112 M/Wh at the start of the month and gas had dropped to 109 p/th down from 134 p/th.

Predictably January 2025 saw the market for day ahead and February deliveries rise markedly throughout the month with gains of around 10% on both fuels. Price drivers were a mix of unplanned outages both in the North Sea and at some LNG Export facilities and also geopolitical influences.

At the beginning of December, the outlook was becoming bleak with Russian gas flows beginning to tail off and the change in weather eating into European gas stocks causing wholesale prices to rise.

As November 2024 drew to a close and Winter came upon us temperatures started to drop and the energy market rose. Early reports of a colder than average Winter for the UK predictably saw rises across all forward contracts out to Winter 26 for gas and electricity.

In October wholesale prices rose steeply for near term delivery and both the spot price and November contracts for delivery rose in tandem across gas and electricity at a rate of roughly 10%.

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August 2024 saw small increases in wholesale cost of roughly 4% across the board for electricity. Gas forward contracts fell slightly for deliveries in the run up to the end of this year but rose in line with the bullish electricity market further out.

The month of July saw mostly sideways trading in the electricity wholesale market as we saw typical price drivers influence the market throughout the month with only a marginal increase in forward contracts out to the end of the year.

The month of April saw electricity prices for Q2 and this Summer stay fairly constant. Energy prices for Autumn saw gains of £6/MWh and Winter 24 closed roughly 8% higher than at the start of the month and looking further out, contracts increased across the whole of 2025.