The monthly calculation takes the logarithmical differences of daily average prices (for the day ahead contract) across two consecutive trading days. The GB electricity system is undergoing a period of significant change as we transition from a large-scale conventional fossil fuel dominated generation mix to intermittent renewable generation. White label suppliers are organisations without supply licenses that partner with an active licensed supplier to offer gas and electricity using their own brand. Many of our longer term plans also include greener gas. Day ahead contracts for both gas and electricity are used. For gas and electricity peakload we show volatility calculations on annual terms. However, the ranking between standard credit and prepayment cheapest tariffs has fluctuated over time. Dual fuel refers to a situation where a customer takes gas and electricity from the same supplier.
Churn ratios are calculated by dividing the total gas volumes traded by the total amount of gas delivered. This is less expensive than the cheapest prepayment tariff, which remained unchanged at £1,098. The electricity generation mix is a useful indicator of trends in the diversity and origin of electricity in GB. EEE are experts in policy and analysis on energy and environment issues, particularly nuclear power. Liquid markets also facilitate new entry by making it easier to buy and sell electricity at a good price.
A prepayment price cap was introduced on 1 April 2017, limiting the amount that suppliers can charge their prepayment customers. For example, in a liquid market a new supplier can more easily enter the market and buy the power they need to cover their consumers’ demand whilst also having confidence in the price they are paying. Negative values represent supplies from the GB system (excluding end-consumer demand). A sharp increase in the average of volatility for GB gas occurred in March 2018, with record high gas prices due to both high demand and supply issues: gas demand reached the highest level in seven years and there was a series of unplanned outages across GB supply infrastructure that increased the gas price further. Since 2015, the share of electricity generated from gas increased, while the share generated from coal decreased. The UK once produced enough energy to be self-sufficient. Further information on wholesale prices can be found in our State of the Energy Market 2019 report. To show the data in annual terms, the value obtained is multiplied by the square root of the total number of trading days in a year (252 trading days). This was partly due to improved economics for gas-fired generators. This includes domestic production from the UK Continental Shelf (UKCS), imports at liquefied natural gas (LNG) terminals, withdrawals from storage and imports via pipelines and interconnectors. GB now has only medium range storage (MRS), so the summer-winter spread is less relevant in terms of indicating trends in the profitability of MRS, as it typically has a much shorter injection-withdrawal cycle than long-range or seasonal gas storage. The ‘baseload’ rate refers to a contract for electricity that is produced continually throughout the day and is distinct from ‘peak rates’ when electricity is bought/sold for consumption at peak times (7am to 7pm). More than 70% of our gas came from the UK continental shelf and Norway, with the remainder coming from continental Europe and global LNG. This is likely to marginally overstate gas flows from Norway. There is a diverse range of products and platforms available for those looking to trade power in GB.
The gas supply mix is a useful indicator of the diversity and origin of the gas supplied in GB. The summer-winter spread is the difference between the gas price in summer compared to the following winter price.
Data marked as ‘(net)’ is underpinned by both positive (generation) and negative (demand) values.
For simplicity, we have assumed gas entering at the St. Fergus terminal to be from the UKCS for the Mobil sub-terminal, and from Norway for the Shell and Total sub-terminals.
The default tariff price cap also came into effect on 1 January 2019, limiting the amount that suppliers can charge customers on default tariffs. Day-ahead prices are a good indicator of the short-term price of electricity in GB. The chart shows bid-offer spreads across a range of contracts for gas delivered on the GB gas hub (the National Balancing Point) for different periods of time in the future.
By 2019, coal’s share of primary energy supply had fallen to around 3 percent. Suppliers that are subsidiaries, regional brands or that get their electricity exclusively from another supplier might not be included in the table, but you can probably find the matching supplier in our list of all suppliers. More recently a reduction in demand due to Covid-19 has pushed down prices, although they have slowly started to recover in line with gas prices. This is because gas-fired generation is often the marginal source of supply and hence sets the electricity price. It shows how often a unit of electricity is traded before it is delivered to end consumers. %PDF-1.6 %����
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