After the unprecedented high pricing in recent months, there has been signs of recovery and stabilization with pricing reducing. Some of the impacts that caused the pricing surge such as generator outages and extended adverse weather conditions have resolved as expected, but others such as global gas and coal pricing continue to keep pricing volatile to a large extent.
Whilst pricing has softened, it is still not fully recovered and remains more than double the pricing seen through late 2021. Medium term indicators suggest further recovery over the next 3-6 months but a full recovery is unlikely in the foreseeable future given the state of international fuel pricing. There has also been no material movement on Government discussions on increasing domestic gas reserves to insulate against global influences.
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