2024 Energy Market Volatility Strategy
Energy Market Volatility: Take The Power Back
Wholesale energy market volatility has seen an increase in prices, with projections showing fluctuations for the remainder of the year. With anticipated increases in the coming months to the end of 2024, these forecasts bring risk of increased expenses and uncertainty for businesses. This underscores the need for businesses to revisit energy contract to save costs and secure margins.
What is the cause of this period of high volatility?
The long-term price volatility comes down to a range of key factors. European gas stores have recently reached record highs. However, this is not an indication that the energy crisis is over.
The market is pricing around risk, which is responding to LNG uncertainty and intensifying geo-political issues such as strikes on Ukrainian energy infrastructure by Russia and potential conflict escalation in the Middle East.
Additionally, oil price increases have the potential to see demand increase for gas, which could have the effect of rising gas prices.
Gas and electricity energy market forecast 2024 to 2026
The smartest approach to energy price fluctuations
Review your energy contract
The current energy projections mean five-year prices are more attractive than shorter contracts. Contact our team of energy experts to discuss your existing energy contract and to explore the options. We compare quotes from leading suppliers, assess the terms, and supply a full market analysis to provide contract terms that are tailored to your requirements. We handle the switching process on your behalf for seamless transitions so you can start saving.
| Contract Term | Average p/kWh |
| 1 Year Contract | 21.37 |
| 2 Year Contract | 21.16 |
| 3 Year Contract | 20.97 |
| 4 Year Contract | 20.79 |
| 5 Year Contract | 20.58 |
(Graph showing average per kWh by energy contract year)
Prepare for renewals
If your energy contract is up for renewal, be aware of changing tariffs that come with the end of the original contract term to avoid costly increases. Get in touch with us in advance of your renewal date to discuss your needs for expert advice and solutions.
We leverage our relationships with reputable suppliers to give you the best energy contract options.
Do an energy audit
Understanding consumption is critical to improving efficiencies and reducing costs. From an environmental, compliance, and operational perspective, there are a range of benefits in reducing usage.
The first step is to perform regular energy audits, which provide invaluable insights into inefficiencies and guide improvements with minimal business disruption.
Smart energy management
Smart meters are a central tool in optimised energy management. Our connected SmarterView monitoring software provides powerful data insights on consumption on a user-friendly, cloud-based platform. From monitoring renewable energy generation to configurable reports and pricing information, this is a powerful tool for centralised energy management, forecasting, strategic decision-making, and reporting.
Contact Smarter Business to secure the best energy prices
Our comprehensive energy services save you time and effort in locking in the best energy contracts and prices. Get in touch with us today to discuss energy prices, contracts, and renewals.