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15/10/2024
MARKET INSIGHT
WHAT FACTORS ARE DRIVING ENERGY PRICES

It also highlighted that the cost of power for industrial businesses had climbed 124% over the past five years, with electricity in the UK now around 50% higher than in Germany and France, and four times higher than the USA.
With 2023’s high prices and subsequent struggle to remain competitive impacting on a wide number of UK businesses, Enexus Energy examines how the energy market has developed throughout 2024, as well as a look ahead at upcoming winter energy markets.
LOOKING AHEAD
The winter period always brings a pronounced increase in energy demand, which in turn serves to drive up wholesale electricity and gas prices. A mild winter for 2023/24 played an important role in dampening energy costs, reducing energy demand due to the reduced use of heating. How cold this coming winter is will also play an important factor.
This is difficult to predict, with expected temperatures throughout the Autumn forecast to be the same or even slightly warmer than the 1981-2010 long-term average, but with some indications that the North Atlantic could see a particularly cold winter period.
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