‘European gas shortages to keep wholesale prices high this winter and next’

Sky-high winter gas prices are forecast to retain their record levels this decade, according to a new report

Gas shortages in Europe will keep pushing up wholesale energy prices this winter and next, new research suggests.

Consultants predict that these high prices are unlikely to be a single winter problem, with high winter gas prices forecast to be maintained in 2023-24 and unlikely to return to pre-2021 levels this decade.

Recent analysis by Cornwall Insight suggests high gas prices could impact the governmental cost of energy bill support schemes.

Jean-Paul Harreman, Director of EnAppSys BV, told ELN: “It looks as though we’ll make it through this winter without any serious hiccups, which could ease the pressure on next winter.

“The market is likely to remain volatile, as we’ve seen over the last few months. Any news can make prices jump or collapse and this is very likely to continue in a market that is so prone to political interference.

“The exact levels will be difficult to assess and will most likely not be driven by Russia, but by demand in Europe and Asia and supply from Norway and North America.”

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