The war in the Middle East this year has given us a stark reminder of how global events can have a huge impact on domestic energy prices. It follows earlier systemic shocks to global energy supplies, from the oil crises of the 1970s to the energy price spikes in 2021-2023 as the world came out of Covid lockdowns and then grappled with Russia’s invasion of Ukraine.
While each of those dramatic disruptions had a well-documented impact on the consumer market, power-hungry businesses and energy suppliers felt the brunt. That’s why many organisations want to fix their energy costs to avoid price spikes, flatten out the peaks and troughs or volatility and give more certainty over the longer term.
