Gas and electricity prices may increase – Y report

UK gas and electricity prices may pick up in the market, according to Inenco’s Y report. That’s because oil prices have pushed above the $30 per barrel (£20.4/bbl) mark and […]

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By Jacqueline Echevarria

UK gas and electricity prices may pick up in the market, according to Inenco’s Y report.

That’s because oil prices have pushed above the $30 per barrel (£20.4/bbl) mark and possible closures of power stations in the country.

Stuart Lea, Head of Energy Trading said: “We’ve been in a downtrend in terms of gas and electricity prices for quite some time, however we’re starting to see signs that this downtrend may potentially reverse.”

 

Customers looking to place a fixed price deal “may want to take this opportunity to bank the considerable savings that you’ve already made”, according to Mr Lea.

He added: “If you’re on a flex deal you may remain comfortable and floating relatively large volumes to the prompt market for the remainder of this winter and also the summer but taking a look at winter 2016 and beyond you may want to increase hedges as a risk management measure.

“Either way keep a very close eye on the markets this week and do watch out in case there is a trend reversal.”