Manor Royal BID partner, Eden Utilities has produced an Energy Market Report.
Energy prices are currently being pushed up mainly due to tensions in the Middle East. Gas prices in Europe are showing signs they could rise further, but the situation is unpredictable and prices could change quickly depending on how events develop.
There is some stability coming from strong gas supply from the US, which is helping to keep prices from rising too sharply.
However, higher oil prices are likely to feed into gas and energy costs over the next few months, which could push prices up further.
The ongoing conflict is also affecting key shipping routes, meaning there is still a risk of supply disruption and continued uncertainty in the market.
In the UK, winter electricity prices have already increased to around £101/MWh, reflecting these pressures. The graph below shows that the market has again jumped from the downward trajectory which is something that shouldn’t be ignored.
In summary:
Prices may continue to rise in the short term, but the market remains very sensitive to global events. Because of this, prices could also fall quickly if the situation improves, so a cautious and flexible approach is recommended.
Find out more about the Manor Royal Energy Partnership with Eden Utilities
