Nationwide Energy update on energy prices for Christmas 2024

1) Colder temperatures in 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 obtained compensation of 230 million euros against Gazprom for supply interruptions in 2022.

OMV announced that it would withhold payment for current gas supplies in order to recover the amount awarded.

The move has raised concerns about possible disruptions to gas supplies to central European states, particularly as colder weather increases demand.

Energy cost comparison

Cost outlook​

As is the case when gas supplies are more directly impacted by events than electricity, gas raw material costs decline. In recent months, electricity contract costs have fallen slightly while gas prices have increased.

Under current circumstances, both will increase and gas more quickly. Therefore, it is recommended that anyone currently renewing consider reviewing their options, as any further delays could result in fixation when prices are significantly higher.

Nationwide Energy’s field consultants and renewal advisors can explain key features of different supplier contracts along with market analysis and pricing updates available.

Nationwide Energy can provide bespoke consultation, market research and pricing. Contact us on 02476 328995 or [email protected]​​. Also see a free guide here to help your business.