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Putin’s blackmail backfires as EU gas prices plummet to pre-Ukraine war levels

  • December 31, 2022

“Suppliers buy energy in advance, and Ofgem (the Government’s energy regulator) determines the cost of buying energy from the market by tracking wholesale prices ahead of the next price cap. The price cap is set to rise to £4,279 in Jan 2023, though the energy price guarantee (EPG) protects households (typical household bill not expected to exceed £2500 until April 2023). The next quarterly price cap update will be on 27 February 2023.” 

According to Livia Gallarati, a Senior Analyst at Energy Asepcts, European gas prices have fallen sharply over the last few months due to a “lucky combination of factors”.

She told DW News that these include “unseasonably mild weather, limited competition from China, which helped Europe build stocks and therefore dragged prices lower.”

But she warned that now is not the time to get complacent, as prices may not stay this low forever. Ms Gallarati added: “There are a lot of factors that could lead to tight markets next winter in particular. That might mean prices could rise back up again. 

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