What’s Happening to Energy Prices? A Look Ahead to Autumn and Winter 2023

What’s Happening to Energy Prices? A Look Ahead to Autumn and Winter 2023

Posted on October 11, 2023

Energy Prices – What you Need to Know

Following last year’s high energy prices, you may be feeling anxious heading into autumn and winter. Will the cost of heating your home remain extortionate or can we expect some relief in the months to come? Let’s take a closer look.

Prices Are Continuing to Reduce

Last winter, at the peak of the energy crisis, many households struggled to stay warm affordably. However, news from the wholesale energy markets suggests that prices are continuing to reduce.

There are big reasons behind this price drop. Firstly, there has been an increase in gas storage levels across Europe. An EU requirement for gas storage stocks to be 90% full was achieved in August 2023, helping bring energy prices down. What’s more, the UK saw milder temperatures throughout the summer which resulted in less demand for electricity to run things like air conditioning and fans. This, in turn, released the pressure on the energy grid and allowed the UK to rely on healthy and renewable energy generation instead.

Volatility Might Impact the Downward Trend

The downward trend of energy prices might be impacted by a certain level of market volatility. For example, strike talks at two key Liquefied Natural Gas (LNG) companies in Australia shook things up in August. And warm weather in East Asia may draw LNG supplies away from Europe, which could influence how much we pay for our energy.

Reducing Dependence on the Volatile Fossil Fuel Market

The fossil fuel market is highly volatile and subject to so many different factors. Prices can change dramatically due to a whole range of conditions not only in the UK, but across the globe. That’s why it’s really important to reduce our reliance on fossil fuels and expand our renewable energy infrastructure. 

The Value of Heat Pump Installation

Thankfully, there are many ways to go green and reduce fossil fuel consumption. Heat pump installation, for example, is becoming increasingly popular as it doesn’t rely on fossil fuels to heat your home. Instead, a heat pump captures heat from outside and moves it into your home. It uses electricity to do this; however, the quantity of heat delivered into your home is much greater than the quantity of electricity used to power the system, making it extremely efficient. As a heat pump uses air from the environment and converts it to heat energy, it does not burn any fuel and emits no carbon dioxide.

If you have a hybrid system that includes a boiler and an air pump, the boiler should only kick in when temperatures are particularly low, helping to reduce energy bills. Heat pump servicing also ensures everything works properly and heat pump cover makes it easier to pay for servicing and repairs.

If you want to reduce your carbon footprint and make your home more economical, contact Aura Heating today. As MCS Certified installers covering Hampshire, Surrey, Sussex, Dorset, South London, Berkshire and Wiltshire, you can enjoy a knowledgeable and professional service.