1) Colder temperatures across northern Europe
A substantial drop in temperatures is expected to accelerate the depletion of gas reserves, increasing pressure on supply levels as winter sets in.
2) OMV and Gazprom dispute
Austrian gas supplier OMV has secured a €230m award against Gazprom over supply interruptions in 2022.
OMV has announced it will withhold payment for current gas supplies to recover the awarded amount.
This move has raised concerns about potential disruptions to gas supplies for central European states, particularly as colder weather heightens demand.
Energy costs comparison
Cost outlook
As is the case when gas supplies are more directly impacted by events than electricity, gas commodity costs are pulling away. It has been the case that in recent months electricity contract costs have edged down while gas rates have increased.
In the current circumstances, both will rise and gas more quickly. Therefore, anyone currently in renewal is recommended to consider reviewing their options, as any further delay may mean fixing when prices are significantly higher.
Nationwide Energy’s field consultants and renewals advisors can explain the key features of different supplier contracts alongside a market review, and updates on available prices.
Nationwide Energy can provide a consultation, a market review and bespoke prices. Contact us on 02476 328995 or at info@nationwide-energy.co.uk. Also, see here for a free guide to help your business.
