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12/09/2022 - Weekly Wholesale Market Update

Updated: May 2, 2023

This morning, the Electric wholesale (Day Ahead) prices have opened up 1.49% higher than this time last week with Gas (Day Ahead) 34.63% higher.

On Friday, energy prices fell across the board, with Oct-12m gas futures losing 6.1% and the corresponding power contracts losing 10.4%. In a week marked by rate swings across the board and losses on Friday, 12 million contracts for gas ended with a 1.65% week-over-week premium while 12 million contracts for electricity barely managed a 12.5% overall discount. Power prices decreased as a result of declines in the overall fuel mix, with losses in the UK carbon market of almost 20%, coal of 5%, and LNG of 14%.

The EU and UK governments' hint that they are gearing up for market intervention in the near future spurred selling into profit-seeking last week, creating some much-needed bearish pressure. In spite of the UK government's announcement that it would prolong a restriction on household supplies through 2024 at an average annual cost of £2,500, information on businesses was scant, with only the oblique suggestion that assistance was on the way. The government implementing a cap comparable to that which is already in place on the domestic market will be closely watched by the markets, but it is unlikely to have a significant impact on wholesale trading because suppliers at the billing end will be bearing the cost reduction.

In other news, France has requested as much electricity as possible from the UK and Spain after one of its key regional energy providers, Électricité de Strasbourg, sold about 7 GW of electricity that had to be rebalanced at a cost of over €60 million. Even though the alarm was the result of an expensive mistake, it nonetheless highlights how stressed out the French energy network is. This next winter may not be that exceptional for such alerts.

To much controversy, the UK government likewise lifted the fracking ban. In an effort to demonstrate the safety of the practise, INEOS has offered to drill shale gas for free.

Gas storage levels reached 83.6% of capacity, Nord Stream 1 is still shut down, and unforeseen Sleipner outages have caused a 6 mcm/day decline in Norway's flow rates. The UK falls short by 2.8 mcm this morning, moving up 7.6% ahead of schedule. Losses continue lower on the curve, with the Dec. 22 NBP down 6.3% and the front-month NBP down 3.49%, in line with a 6.1% decline in the Dutch TTF.

How the market has opened each day:


Gas (pence per therm)

Electric (£ per MWh)



















7 day averages

Electric (£ per MWh) 316.83

Gas (pence per therm) 297.33

The below shows how the market compares to the previous week, month and year.

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