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.

Churn is one metric used to assess market liquidity. Having diverse sources of supply suggests greater resilience for GB gas supply. During Q4 2019 churn has varied between 10 and 14. Javascript is required to render chart Spark and dark spreads (GB). In practical terms, this means that the tariffs shown from April 2020 are likely to appear slightly lower in price than those before April 2020. Javascript is required to render chart Electricity trading volumes and churn ratio by month and platform (GB). 1370 0 obj <> endobj It is the difference between the best bid to buy and the best offer to sell. The two pie charts illustrate the proportion of five types of energy production in France in 1995 and 2005. This includes electricity produced by GB power stations and imports via interconnectors. This site relies on individual donations to help cover the costs of maintenance and development. † The weighted aggregate for nuclear power’s share of fuel mix in some years is only around two-thirds of the UK “average” figure (about 85% in 2014-15). Companies with capacity that can flexibly increase or decrease their supply of gas or electricity can profit from high volatility by increasing output when prices are high and decreasing output when prices are low.

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 bid-offer spread is calculated by subtracting the bid price from the offer price and then dividing by the offer price. �(�E�L���3�c��������7�ϣ��Z��qK�.1r0��˻��xշ���yfKX�91�2Ҍ�灴3� `2a�a`�k�Gn ��5Ds3@� ��� Javascript is required to render chart Price volatility of gas and electricity by month: Day-ahead contracts (GB). This chart compares the cheapest available tariffs offered by the six large suppliers with the cheapest tariff available in the market by payment method (direct debit, standard credit and prepayment). Suppliers often buy most of their gas months or even years in advance of when it will be delivered.

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 %����

Liquid markets also facilitate new entry by making it easier to buy and sell gas at a good price. Javascript is required to render chart Gas demand and supply source by month (GB). Further, much of our new import capacity such as LNG can operate flexibly and, like storage, can respond  dynamically to variations in price. Liquidity is an important feature of mature markets, often reflecting a large number of buyers and sellers. Day-ahead prices are a good indicator of the short-term price of gas in GB. sources in 2019, driven by high generation from wind, solar and bioenergy sources, while coal generation decreased substantially, pushing fossil fuels to an all-time low share of the generation mix at 43.4 per cent. For example: Javascript is required to render chart Gas summer-winter spreads at the National Balancing Point (GB). The lowest standard credit tariff on the market remained at £859. The data comes from ICIS’s price assessment of over-the-counter trading through brokers. The chart shows an inversion in this trend for March 2018. The churn ratio is also shown. For example, in a liquid market a new supplier can more easily enter the market and buy the electricity they need to cover their consumers’ demand whilst also having confidence in the price they are paying for that electricity. Clients have included Greenpeace, Nuclear Free Local Authorities, WWF Scotland and the UK Government’s Committee on Radioactive Waste Management. Figures are presented as monthly averages of daily spreads. The chart shows total monthly volumes of electricity traded in GB across different trading platforms. Liquidity is an important feature of mature markets, often reflecting a large number of buyers and sellers. Javascript is required to render chart Electricity prices: Day-ahead baseload contracts – monthly average (GB). Source: Ofgem calculations using data from ICIS . The chart shows summer-winter spreads for the GB gas market. ‘Churn’ is the number of times one unit of electricity is traded. The data is averaged by month rather than by day and covers Q4 2009 to Q2 2020. This chart shows ‘Day-ahead’ gas prices at the GB gas hub (the National Balancing Point) for delivery the following working day. Javascript is required to render chart Electricity bid-offer spreads by contract type (GB). Who is my gas or electricity distribution network operator? A full explanation of ICIS’s methodology is available on ICIS's website. %%EOF Source: Energylinx (Until May 2017) & Energyhelpline (June 2017 onwards). Baseload products persistently dominate; accounting for the vast majority of OTC traded volumes. The churn ratio is also shown. Source: BEIS Energy trends section 5: Electricity (ET 5.1) . As of April 2020, typical domestic consumption values (TDCV) for a medium consumer are 12,000kWh/year for gas and 2,900kWh/year for electricity (profile class 1). Electricity wholesale prices in GB over the past decade have largely been driven by changes in the gas price. Clean spark and dark spreads give some insight into the profitability of coal and gas-fired generation. To calculate clean spark and dark spreads we also use Carbon Price Support and the benchmark of EU ETS (December) contract price. Tariffs for E.ON and npower continue to be included in the group of the six largest suppliers separately, as the process of migrating npower’s customers to E.ON is still ongoing and tariffs are not yet aligned.

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