2024 Energy Market Volatility Strategy | Smarter Business

by | Apr 23, 2024

2024’s Forecasted Energy Price Increases and the Best Way To Save 

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

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 TermAverage p/kWh
1 Year Contract21.37
2 Year Contract21.16
3 Year Contract20.97
4 Year Contract20.79
5 Year Contract20.58

(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.  

MOP DC/DA For Business Electricity | Smarter Business

Energy Spotlight: MOP DC/DA Contracts  What Are MOPs and DC/DA and Why Are They Important?  Effective metering and timely energy data hold extensive potential benefits for businesses. These include billing accuracy, effective energy efficiency strategies, and costs...

2024 Commercial Energy Price Forecast | Smarter Business UK

2024 Commercial Energy Price Predictions  For business owners, the question on everyone’s minds is, “Will energy prices fall in 2024?” At first glance, we appear to have started strong in 2024 – with a 12% reduction in the short-term energy price forecast according to...

2024 Business Energy, Gas, Water, Facilities Maintenance

Business Energy Tips for a Strong Start In 2024    Insights To Ensure Business Utilities Are New Year Ready  As we take our first steps into the new year, it is the perfect time to get everything in line to start 2024 on the right foot. Take the time to relook at...

2023 Winter Business Energy Savings

Quick Tips for Winter Energy Worries  How To Prevent Winter Energy Woes    As winter approaches, the cost of winter energy – at home and at work – is on everyone’s minds. It’s a good time to scrutinise energy consumption with savings in mind.  The domestic energy...

How the Israel-Hamas Conflict Affects Gas & Energy Prices

Will the Hamas-Israel Conflict Affect Energy Prices?  How the Hamas-Israel Conflict Impacts the Energy Market  The Hamas-Israel conflict has caused concern around the effect on the energy market. What is the connection between the Middle East and your energy bill?...