top of page
Keyboard and Mouse

26/09/2022 - Weekly Wholesale Market Update

Updated: May 2, 2023

This morning, the Electric wholesale (Day Ahead) prices have opened up 22.27% lower than this time last week with Gas (Day Ahead) 26.92% lower.

It's been a crazy week! From the government finally disclosing more information about its assistance for energy contracts with businesses to Russia intensifying its military operations in Ukraine with "partial" mobilisation and nuclear threats. As the market once more attempted to process unexpected news, wholesale markets were volatile, with positions varying quickly from being in the red to the green and back again during each day. For Oct-12m contracts, the week concluded on an overall positive note, with gas rising 2.61% and the power equivalent rising 12.29%. Due to the situation in Ukraine and the weaker pound, gains were especially strong on Thursday and Friday.

If the bullish trend continues, we can anticipate that the moving average will cross either today or tomorrow as upward momentum pulls prices back toward it. However, there is no guarantee of gains as the market is still in transition: Denmark said it will increase electricity exports to Norway starting at the end of this week to assist the country replenish its hydropower stocks. If Norway withdraws gas supplies this winter to defend domestic interests, the UK would be left unprotected. Fears of a recession have caused Brent to trade at an eight-month low and Carbon to trade at a six-month low; UK carbon is still trading at a premium to its European counterpart because of structural tightness. As conversations about selling off allowances spread across the continent, European carbon emissions could still decline.

In related news, the pound hit a record low against the dollar on Friday after the new prime minister's "mini-budget," dropping 4.7% to $1.035. The movements in gilt markets (a type of government bond) have been greater than those that followed the financial crisis, Brexit, Covid, or anything the Bank of England has announced over the past three decades - a key indicator that markets are becoming extremely concerned with UK macroeconomic policy. Financial markets have not reacted well to the announcement. Given that the current account deficit is expected to average 8% of GDP in 2022 and 2023—a level that has only ever been exceeded three times in British history—the UK may be on the verge of a balance of payments catastrophe. The chancellor's budget contains numerous measures intended to "boost investment and growth" in the UK, but only time will tell if the bet pays out.

Markets appear gloomy this morning, with the Oct. 22 NBP stepping down 12.76% (36.575p/th) and a Nov. 22 contract offered at a 17p/th discount (though positions could flip by the afternoon as has been the case the previous week). There isn't much action on the electricity market, but Dutch TTF front-month steps are 1.05% lower than they were recently. The NTS is 8 mcm short as an unanticipated outage caused by a process issue at Oseberg drains 7 mcm/d of availability. This week will have stable, albeit slightly below average, temperatures with significant wind output that will eventually decline.

How the market has opened each day:


Gas (pence per therm)

Electric (£ per MWh)
















7 day averages

Electric (£ per MWh) 233.15

Gas (pence per therm) 230.02

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

When will you look at your next renewals? Get your free quote today.

Get in touch to see what is available for your next renewals. 0151 459 3388

18 views0 comments


Keep Up To Date With Market Updates


Securing your next energy contract at the optimum moment is essential for fully realising your savings opportunities. Provide your details below to gain access to weekly market updates, giving you the advantage to make informed purchasing decisions at the right time.


Bid farewell to aggressive sales approaches from other brokers and take charge with confidence!

You're Subscribed! Look out for your first report soon!

Have More Questions?

  • Is it possible to change multiple business utilities at the same time?
    Our switching service allows you to switch multiple utilities simultaneously. We have successfully assisted multiple businesses in the UK by helping them save on various services such as energy and water with savings within 2023 already over the £2 Million mark.
  • How much can I save on my business utility bills?
    The amount you can save on your business utility bills will depend on various factors such as your current usage, the rates offered by different providers, and the specific deals available in your location. However, our switching service is designed to help you find the best deals and save as much as possible. By comparing multiple suppliers and negotiating competitive rates, we aim to maximise your potential savings. Get in touch with us to discuss your specific needs and get personalised information on potential cost savings for your business utility bills.
  • How does switching business utilities work?
    Switching business utilities involves a straightforward process. Here's a general overview of how it works: Evaluation: Start by assessing your current utility bills and usage patterns. This will give you an idea of your current costs and help identify areas where savings can be made. Comparison: Use a switching service like ours to compare different utility providers in your area. We provide you with quotes from multiple suppliers, allowing you to compare prices, contract terms, and services offered. Selection: Based on the comparison results, choose the utility provider that best meets your needs and budget. Consider factors such as price, customer reviews, contract terms, and any additional services or benefits offered. Contract Negotiation: Once you've chosen a new provider, our team can help negotiate the contract terms and rates on your behalf. Switching Process: The switching service will coordinate the transition with your current supplier and the new provider. This may involve submitting termination notices, arranging meter readings, and scheduling the activation of new services. Enjoy the Savings: After the switch, you'll start receiving services from your new provider, typically at the agreed-upon rates. You will notice savings on your utility bills, providing you with cost advantages for your business. Remember, the exact process may vary depending on the type of utility you are switching, but our switching service aims to simplify the process and assist you at every step.
  • Who are the cheapest business utility providers?
    As market conditions and prices fluctuate regularly, it's challenging to provide an up-to-date and definitive list of the cheapest business utility providers. The prices we provide you are valid and available on the day of the quote and will provide most current and competitive deals available. Our switching service helps you compare prices and offers from multiple suppliers, ensuring you have the most accurate and relevant information to make an informed decision about your business utility provider.
  • What is energy procurement?
    Energy procurement is the process of sourcing, negotiating, and securing energy contracts to meet the specific needs of a business. It involves analysing energy consumption patterns, understanding market trends, and negotiating with suppliers to obtain the best possible rates and contract terms.
  • Why is energy procurement important for my business?
    Energy procurement ensures that your business secures energy contracts that are both cost-effective and aligned with your operational needs. Proper energy procurement can lead to significant cost savings, budget predictability, and reduced risks associated with volatile energy markets.
  • How does The Smart Energy Company help with energy procurement?
    We specialise in analysing your energy consumption, understanding your specific needs, and leveraging our relationships with over 20 suppliers to negotiate the best possible contracts on your behalf. Our team ensures you get optimal rates, flexible terms, and contracts that align with your business goals.
  • How do you ensure I get the best energy rates?
    Our team continuously monitors the energy market, staying updated with trends, price fluctuations, and supplier offerings. Coupled with our in-depth analysis of your energy needs and consumption patterns, we negotiate with suppliers to secure rates that are both competitive and suited to your business.
  • Are there any hidden fees associated with your energy procurement services?
    Transparency is a core value at The Smart Energy Company. We provide a clear breakdown of any commission we earn as a company when you come to agree any new energy contract. This is typically included as an uplift in your unit rate and paid to us by the supplier you chose to go to. Our primary goal is to secure the best energy deals for you, with no hidden costs.
Business Meeting

Unlock the Potential of
Your Business Energy

At The Smart Energy Company, we're committed to offering tailored solutions that fit your energy needs perfectly. By staying ahead of market trends, we ensure you're always equipped with the most efficient and sustainable energy options. We take pride in our client-driven approach, where your feedback shapes our continuous improvement.


Why not schedule a complimentary consultation with one of our energy experts today? Let's find the perfect energy solution tailored to your business.

See What Our Clients Say About Us


Very helpful, quick expert advice. We have been using Smart Energy for a while.


Ian Hughes

Operation Manager

Group of Bars

bottom of page