Wholesale energy prices continue to surge with conflict in Israel a primary area of concern

Day ahead gas prices have surged by a further 17% today amid the ongoing conflict in Israel and a Baltic pipeline leak.

The steep gains were attributed to multiple factors such as the closure of the pipeline connecting Finland and Estonia due to a leak detected over the weekend. Although currently unclear, the damage is being investigated as potentially deliberate which has sparked concerns over the safety and reliability of European gas infrastructure.

Furthermore, a decision from the Israeli minister of energy to suspend operations at the Tamar field added additional support. The decision, which comes amid security concerns has disrupted gas flows into Egypt (a key exporter of LNG into Europe) which further fuelled supply concerns ahead of the winter months.

As prices continue to spike it’s really important as a business that you keep a track on what’s happening in these extremely volatile times.

With prices being so high at the moment, our weekly price trends update is designed to help explain what the key drivers are and provide you with all of the information to make a well informed decision.

If your electricity or gas contract is up for renewal in the next 6 months, we would encourage you to compare the market now as we are starting to see suppliers withdraw and re-issue much higher prices.

Compare prices online for your meter by clicking here or contact your Energy Advice Line account manager now for the latest information.