As part of our Energy Price Comparison service for businesses, we bring you a quarterly market overview so you can see what factors could be affecting your business energy supply along with any insight into future trends. Here’s your energy review for October:
October 2024
Britain’s last coal-fired power plant closed on 30th September, ending 142 years of coal-generated electricity in the nation that sparked the Industrial Revolution, moving towards cleaner fuels.
In the first week of October, wholesale natural gas spot prices across most of Europe declined and EU carbon prices hit its lowest level in six months. UK LNG (liquified natural gas) send out has reduced and four cargoes are expected to arrive at UK terminals in October.
Windspeeds increased and remained above normal during 7th and 8th October before fluctuating back to around seasonal norms for the remainder of the run. Temperatures were slightly warmer at the start of October but due to storm Kirk, are now expected to drop below and remain just below averages until the end of the run.
British demand for gas is picking up and prices are starting to rise, mainly due to weather and ongoing geopolitical risks, such as recent escalations in the Middle East and Ukraine.
Considering the unpredictable nature of the energy market, it is essential to factor in various influences such as weather, currency fluctuations, and changes in supply and demand. These insights aim to empower businesses to make well-informed decisions regarding their energy procurement and needs.
You can get a free energy price comparison for your business on our Energy for Business page.