Mini Energy Report November 22
✓ Gas and Electricity Wholesale prices are lower.
✓ EU Gas Storage levels are 95% full.
✓ Large numbers of LNG shipments are available.
Since our last Energy Report, Gas and Electricity Wholesale prices are lower. Costs for the remainder of 2022 and the first quarter of 2023 remain high. Although 2023 and 2024 show better value,
there is still a premium, but does provide an opportunity to contract longer and reduce the shorter term % increases.
The government’s Energy Bill Relief Scheme continues to provide a capped Wholesale cost for those that contracted from December 2021 and a discount for those not contracted. This started in October 2022 and runs until March 2023, and maybe extended for specific industries. Customers still need to monitor the markets for contracts from
April 2023, when they may once again be fully exposed to costs.
EU Gas Storage levels remain high, at 95% full compared to 96% last week. In the UK, we have started to inject Gas into the Rough Storage facility, which although operating at a reduced capacity this winter, does provide us with additional resources if required. We are seeing high numbers of LNG shipments to help support the reduced flows
from Russia. Initially concern that the US Freeport LNG provider would not be back online until 2023, did add weight to prices, but this has been revised to mid-December.