Resource
07 Aug 2024
Stay informed on the latest trends, news, and forecasts in the UK energy market. Gain valuable insights from our energy market specialist regarding July’s developments. Enhance your energy procurement strategy and feel assured about your market positioning throughout August.
Whether you are navigating the complexities of a fixed price contract or exploring a more flexible energy arrangement, our team is here to support you. We offer expertise in continuously monitoring market conditions to provide valuable insights, empowering you to make well-informed decisions. Our tailored approach ensures your specific needs and risk appetites are met.
July was a volatile month in the energy market, with gas contracts rising by 1.31% and power prices falling by 1.47%. Key drivers included the Labour Party’s landslide victory in the UK General Election, leading to significant green energy initiatives, ongoing conflicts in the Middle East affecting global energy security, and the impact of Hurricane Beryl on U.S. LNG exports.
To stay up to date with the day to day happenings in the energy market, check out our daily market watch report.
Amid market volatility, flexible contracts offer opportunities to benefit from less affected price periods. The market’s current backwardation – where future prices are lower than near-term ones – allows securing coverage now for those future periods, providing certainty against ongoing or longer lasting geopolitical tensions.
Alex Payne
Director of Energy Markets & Procurement
Zenergi