Mining energyNatural gas prices rose in October due to the conflict in the Middle East. This is now also reflected in the first rates that energy suppliers are posting for November. The kilowatt-hour prices of a fixed gas rate are up to 16.4 percent more expensive in November than in October. Although prices at some energy suppliers also remain virtually stable. Mijnenergie.be reviews the already available figures.
By Kurt Deman, in collaboration with Mijnenergie
38 percent more expensive in one month
On October 5, the wholesale price for natural gas on the leading TTF exchange was still 36.21 euros per megawatt hour. The combination of the escalation of the conflict in the Middle East and a leak at a gas pipeline in the Baltic Sea fueled that price in the following days to a peak of more than 56 euros per megawatt hour on October 13. Afterwards, the natural gas price capped for two weeks at around the limit of 50 euros per megawatt hour. That is 38 percent higher than at the beginning of October.
Also read: More than sixty percent of Flemish families will choose another energy supplier if they can save this amount.
Up to more than 200 euros more expensive
This price increase is now also trickling down to consumer rates.
Bee Mega (Smart Fixed contract), the price increase is only 2.4 percent, or 32.30 euros per year, based on average consumption.
Luminus Comfy increases the kilowatt-hour rate by 4.6 percent, good for an increase in the annual invoice by 62.90 euros.
The difference is a lot higher Eneco, with a kilowatt-hour price that has risen 16.4 percent. On an annual basis – and with average consumption – you pay 212.50 euros more in that case.
Bee Engie the price increase is virtually negligible.
The November prices of, among others TotalEnergies were not yet known at the time of publication of this article.
What about a variable rate?
With a variable price, the higher energy prices also trickle down directly to existing contracts. You will also notice its effect when the next price adjustment is made on a monthly or quarterly basis.
Increase is relative
Despite the increases, the gas price is still miles away from the historical record of 345 euros per megawatt hour in August 2022. Although natural gas still remains more expensive than in the years before the Russian invasion of Ukraine: before the energy crisis it was 20 euros per megawatt hour the normal price level.
No one can say with certainty whether natural gas prices will rise further. Much will depend on further developments around the Gaza Strip, the global geopolitical context and the temperatures next winter.
And what about electricity?
The good news is that electricity prices have remained fairly stable for several months and do not seem to be affected by the conflict in the Middle East.
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This article was brought to you by our partner Mijnenergie.be.
Mijnenergie.be is an independent energy price comparator of electricity and gas offers.
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