top of page
Keyboard and Mouse

30/05/2022 - Weekly Wholesale Market Update

This morning, the Electric wholesale (Day Ahead) prices have opened up 35.89% Higher than this time last week with Gas (Day Ahead) increasing by 29.66%.

Weekly Report

Following a gloomy start to the week, UK gas and electricity curves gained 4-5 percent points.

With diminishing renewable generation putting a greater reliance on gas for both heating demand and electricity generation, the forecast was always for milder temperatures on either side of 20-year norms.

Winter-22, the front half of the annual contract that spent the week gently moving upward, saw the most increases. Increases in the second half of the year, from summer to summer 23, have moderated but are still increasing.

The price of European coal fell by $40/MT [15 percent] in the support fuels complex, whereas the majority of others rose: Brent crude closed 5% higher and LNG 10% higher, boosting carbon pricing by 4.75 percent but still falling short of the €90/Mt target.

This week, Week22, will see June-22 end as the 'front' month, and temperatures are expected to drop substantially below normal from Monday to Friday inclusive. Wind generation is also expected to decline significantly, with solar improvements insufficient to fill any gaps.

Daily Report

NBP Month Ahead and Baseload both closed 5% higher on Friday, with gains less noticeable further down the curve, with annualised Oct-22 NBP up 5.22p/th [2.6 percent] and Baseload £4.85/MWh [2.4 percent], returning to levels last seen in mid-May. Today's trade continues the bullish trend, with Jun-22 NBP up 11.65p/th [7.6%] and W-23 offered at a 5p/th premium. TTF front-month in the Netherlands and Brent crude in the United Kingdom are both up over 1% this morning.

The price of LNG has risen again as a result of China's push to loosen recent lockdown measures, which has aided the global economy and boosted demand. With restrictions already taken back in some major hubs, China's manufacturing data is projected to indicate a small downturn in May.

If a compromise is reached as EU officials meet to discuss a possible Russian oil embargo, crude prices are likely to rise over their two-month high. The group is divided, and any agreement is likely to be softened down, with Hungary being the most obvious holdout. Carbon prices may potentially have a tumultuous week as the G7 energy ministers failed to agree on a 2030 phase-out timeline, and support for a high carbon price has waned. Rates will be influenced by other reforms that will be addressed at a European level throughout the summer.

The prompt is at risk of trading higher as three LNG shipments arrive this week, renewables account for only 17% of the power stack, and the NTS is 2.4mcm short as temperatures linger around 15 degrees maximum through Thursday. The somewhat positive conditions are aided by low wind speeds throughout the week.

How the market has opened each day:

Date Electric (£/MWh) Gas (p/therm)

23/05/2022 139.60 125.10

24/05/2022 121.50 118.00

25/05/2022 111.10 108.00

26/05/2022 79.00 96.10

27/05/2022 166.60 145.10

30/05/2022 181.00 170.00

7 day averages

Electric (£ per MWh) 133.13

Gas (pence per therm) 127.05

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

10 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