Business · Energy & Commodities · 1 day ago

Rising gas prices push more households to lock in energy rates

Rising gas prices push more households to lock in energy rates

Households are turning their heating back on as autumn begins, but gas costs more than it did a year ago.

The war in the Middle East has pushed gas prices higher.

For a household using about 1,000 cubic metres of gas a year, the increase could add around €500 to annual gas costs, with electricity adding further expense.

More people are seeking fixed energy contracts, which keep the price the same for a set period.

Multi-year contracts are now slightly cheaper than one-year deals, and requests for three-year contracts are ten times higher than a year ago.

A fixed contract can protect households from price rises, while a dynamic contract may suit people who can shift energy use to cheaper times.

Prices are expected to remain high, and demand for gas is likely to rise as colder weather arrives in November.

Sources

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