Gas and Electricity Year Ahead Wholesale costs show little change and are still good value. Oil is higher at $69 from $66.
Wholesale prices continue to show little direction, fluctuating daily. Low EU Gas Storage levels are seen as an issue, at just 37% full compared to 49% last year. Attention is on temperatures across Europe, with changing forecasts impacting on prices. February is now less likely to be as cold as previously thought, therefore prices fell again on Monday the 9th. As well as pressure on Gas this winter, there will also be additional demand on supplies through the warmer months, to divert Gas into Storage for winter 2026/2027. The EU’s ban on Russian LNG from January 2027 will restrict supplies, likely meaning an even greater reliance on US LNG. This is a concern, due to President Trump’s history of threatening allies with tariffs. Markets are also closely monitoring the tensions between the US and Iran, as a conflict could restrict energy supplies from the region.
Investment in the Electricity network, connecting Renewables to homes and businesses across the country, means that the Other charges within bills are increasing. These include Transmission, Distribution and Balancing.
The last week saw a higher contribution of Wind generation at 33% from 31%. Gas was also higher at 34% from 32%. Imports were lower at 10%.
We would encourage those with Gas and Electricity contracts that are due to end in the next few months and possibly further out, to potentially take advantage of the competitive prices. Please contact us to discuss energy contract options or to explore opportunities to save on the Other charges for Half Hourly metering.
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