The gas price had a relatively stable period, but is now noticeably on the rise. On August 1, the gas price briefly rose by €36,97 megawatt hours to the highest point since mid-December last year.
Previously we wrote about the cause of the gas price increase, due to fear about a relatively low supply. In addition, analysts would expect disruptions to the Norwegian gas network, which also contributes to the current higher price.
After the period of increase, the gas price fell again before and after the weekend. Yesterday, August 5, the gas price was €35,37 per megawatt hour. That price is more or less at the level of June, which is on the high side compared to the rest of the year. Compared to a year ago, the price is many times lower (€47,54 on August 4, 2023).
LNG prices are also rising and were trading at $1 per Mmbtu on August 12,52. This means that the LNG price has been rising since mid-July. Since February 19 this year, the LNG price has risen sharply again and peaked on June 24, when the LNG price stood at $12,64 per Mmbtu.
Electricity
The electricity price has had less tendency to spike downwards in recent days. Which leads to higher average prices on a weekly basis.
Last week, almost 60% of all electricity used in the Netherlands came from renewable sources. Most of that was solar energy. Something we also saw the week before. This is a logical consequence of the many hours of sunshine we had last week.