The arrival of the cold this winter could trigger the price of gas in Europe, according to the International Energy Agency (IEA) which recognizes that, although market conditions have “softened” after consumption cuts in Europe and part of Asia, the supply continues “adjusted”.
WINTER COULD SEND GAS PRICES SOARING
The latest increases in the price of gas are mainly due to two problems: the leak of a Finnish gas pipeline and the closure of a field in Egypt due to the conflict in Israel. Although inventories are almost at full capacity at the moment, structural supply problems continue and can give scares if the winter is very cold.
The IEA notes that: “Inventories in Europe are starting the heating season at 96% capacity, but this does not guarantee stable prices during the season, especially if temperatures are unusually cold.”
Rising gas prices can pose an economic challenge for many people and businesses. What strategies can we follow to deal with the rise in the price of gas?
- Invest in energy efficiency improvements in the home and business, including insulation installations, efficient windows, programmable thermostats… The less gas you need to heat your space, the less impact price increases will have.
- Consider using alternative energy sources such as solar or geothermal, to reduce dependence on natural gas.
- Hire a gas supply trying to negotiate a good deal, comparing offers with different suppliers and looking for more competitive rates.
- Track gas consumption and adjust based on results. To do this, apps or devices can be used to track consumption and find areas for improvement.
- Anticipate gas price increases in the budget and save money to meet those additional costs.
As we can see, gas prices are volatile and can vary depending on a number of factors. Therefore, it is critical to closely follow energy market news and analysis to stay informed and predict gas price trends this winter.
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