Power prices are expected to remain high for the rest of 2023, energy market analysis reveals.
This is mainly due to the high cost of gas, as Europe continues to rely on volatile international LNG to replace the lower-cost Russian gas. However, experts from Cornwall Insight are remaining "cautiously optimistic" about the future, saying that while our energy bills may not drop below pre-pandemic levels throughout the decade and potentially beyond, there is a notable shift towards more affordable pricing.
Cornwall Insight Senior Consultant Ruth Young said: “Despite raised predictions, we are cautiously optimistic that the worst of the energy crisis is behind us and it is unlikely that the exceptional prices witnessed over the past two years will make a comeback in the next decade and likely beyond. However, the energy crisis has taught us the importance of not taking prices for granted."
