This market update is our most recent snapshot of the current energy market, enabling business owners to make well-informed decisions regarding their energy procurement.
With temperatures slowly rising closer to seasonal norms. This should reduce gas demand and increase supplies. Additionally, wind generation was predicted to be 20% above seasonal levels recently, which should help keep prices stable.
Current trends in the energy market indicate a rise in power contract prices due to decreased solar generation. Gas prices have also increased because of new unplanned outages in the Norwegian Shelf and ongoing outages at the Visund field. Additionally, ongoing attacks on Russian oil infrastructure have added market pressure.
However, weather conditions are expected to moderate these impacts.
Given the current market conditions, it may be an ideal time for businesses to lock in energy rates for their next contracts before prices are expected to rise in October.
Never forget that implementing energy efficiency measures in your business, such as checking and adjusting heating schedules during warmer months and using air conditioning and fans wisely, can also help reduce consumption and running costs.
We work with leading energy provider Fidelity Energy to make energy provision easier for our business customers. Talk to our energy team for more insights and recommendations.