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Weekly Wholesale Energy Market Update - UK Energy & Oil Markets - 18/03/2024

image to show how much the energy market has moved in the last week

Welcome to the Smart Energy Company’s weekly summary. We shed light on the UK energy market's latest movements, offering you weekly energy market insights for your business energy decisions.

Current Snapshot of the Weekly Energy Market

This week, we witnessed energy costs climbing. Let’s take a quick look at the key numbers:

  • Electricity settled around £69.00 per MWh.

  • Gas rose to 72.30 pence per therm.

Our six-month market movement graph shows significant changes, highlighting the importance of keeping an eye on market trends.

snapshot of wholesale market movements from this time last week, month and year


Weekly Gas and Power Market Review: Understanding Price Changes

As we chart the energy market's performance over the past week, we see a pattern of fluctuating gas and power prices influenced by varied demand and supply dynamics.

  • Starting Point The week opened with gas at 63.95 p/th and electricity at £67.00/MWh. A lack of wind power led to a greater need for gas-fuelled electricity, causing an increase in prices.

  • Midweek Trends As the week unfolded, gas prices fell slightly to 62.75 p/th, while electricity prices ticked up to £60.50/MWh. Maintenance work and unpredictable wind speeds influenced these changes.

  • Week’s End By week’s end, gas prices had gone up to 67.75 p/th, with electricity costs holding steady at £69.00/MWh. Expectations of higher demand and less wind power contributed to this rise.

Next Week's Forecast

Looking ahead, we anticipate continued market sensitivity to weather-related shifts in demand, particularly for gas as we transition away from peak winter usage. While wind generation will continue to influence electricity prices, maintenance work on energy infrastructure may cause further fluctuations. Companies should stay alert to these factors as they could impact energy costs.

A Deeper Dive: Daily Dynamics

Last week’s daily prices showed a clear upward trend, ending with a weekly average gas price of 65.71 p/th and electricity at 64.13 £/MWh. Keeping track of these daily shifts is essential for planning your energy buying.


Gas (pence per therm)

Electric (£ per MWh)























Oil Market Brief

In the oil sector, prices swung in response to world events, varying demand, and supply strategies. Despite starting the week lower due to global economic worries, oil prices rebounded, reflecting optimism in the market

In-Depth Analysis

At the start of the week, apprehensions over economic growth and production cutbacks set a cautious tone. Midweek shifts brought further price adjustments, while the week's end saw prices peaking, buoyed by positive demand projections and supply jitters linked to regional tensions.


Your Energy Guide

Our Weekly Wholesale Market Update gives a side-by-side comparison of the gas and electric market increases. For a wider view, the 12-month report sheds light on the bigger picture.

Graph to show last 12 months wholesale market movements

For day-to-day updates and detailed analysis, turn to our Daily Energy Market Reports. They are a valuable resource for understanding the market.

Advice for Your Business

For advice that fits with the latest market situation, get in touch for a free business energy quote. Our team at the Smart Energy Company is ready to help you make informed choices, tailored to the market’s current state.


Get Your Free Business Energy Quote Today

Keep visiting our blog for weekly updates. If you have any questions or need more detailed advice, we’re just a call away. We’ll help you navigate through the market changes with ease and confidence.

Or Call us on 0151 459 3388

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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.
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