Although we have seen energy prices falling over the first half of 2023, this could be changed as we start to get into the end couple of months of the summer. One factor that could affect energy prices could be outages at gas fields, this threat is causing a lot of concern for the energy market as it could lead to price increases this summer.
The outages at the gas fields could limit the UK’s fired power generation. As well as this the power stations will have to go through yearly maintenance which is also expected to lead to lead to further outages during the summer months.
Energy prices still remain higher than pre convinced levels despite the price drop we have seen this year. The energy market is still volatile and very sensitive to any changes in supply due to the UK’s poor level of energy security.
We have already seen a slight rebound in the Market from June due to a rebound in the market. This has been due to low levels of LNG coming into the UK when we needed to be able to rely more on gas due to low wind levels.
Other factors could further push up gas prices, such as international demand rises. China is expected to bounce back from its covid restrictions, with their economy rising again so will their demand for gas as this used to be a lot higher than it is now so it will return to its normal level again, putting more pressure on global demand as a whole.
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