Energy Prices this winter: Good idea to plan ahead?

[Bam Bam]

I'm thinking ahead to the coming (European) winter and what the energy prices might be like.

From what I understand it will take 8 months for oil and gas to get flowing from the gulf again AFTER the end of the blockage there. So if somehow Trump and the Iranians agreed with each other Energy prices would start to drop next January.

So energy prices will be much higher this winter than they were last winter.

Have I got that right?

Is anyone else thinking that having a heat pump and a good amount of solar panels and batteries would be a good idea for this coming winter?

 

[JohnV6]

That is how I understand it

 

[Ian Key]

I managed to fix my energy prices for 12 months in March ending my previous contract which expired in November early so hopefully prices will have returned to a sensible level by then.

But getting back to the question of would I install a heat pump, batteries and solar panels? No unless the cost of purchasing and installation drops. Being realistic at my age with my health conditions I don't think I'll be in this house long enough to get the money back.

 

[Gomev]

I'm thinking ahead to the coming (European) winter and what the energy prices might be like.

From what I understand it will take 8 months for oil and gas to get flowing from the gulf again AFTER the end of the blockage there. So if somehow Trump and the Iranians agreed with each other Energy prices would start to drop next January.

So energy prices will be much higher this winter than they were last winter.

Have I got that right?

Is anyone else thinking that having a heat pump and a good amount of solar panels and batteries would be a good idea for this coming winter?

Thankfully the UK gets very little of it's gas from the middle east, so supplies shouldn't be an issue. However the wholesale cost could be a problem.
The UK gets its gas from:

• UK production, mainly from the UK Continental Shelf in the North Sea;
• pipeline imports, mostly from Norway;
• liquefied natural gas, or LNG, shipped in by tanker, mainly from the United States and other global suppliers.

In 2024, domestic production supplied about 50% of UK gas demand, with the remaining half met by imports.
Norway supplied 76% of UK gas imports in 2024, and LNG accounted for 25% of imports. Of that LNG, 68% came from the United States, 8% from Qatar and 7% from Trinidad and Tobago.

 

[Bam Bam]

Thankfully the UK gets very little of it's gas from the middle east, so supplies shouldn't be an issue. However the wholesale cost could be a problem.

Indeed, we shouldn't go short of gas in the UK, but LNG is priced on a global basis.

Europe relies on LNG imports because Norway can't supply all of Europe.

So if LNG prices go up other countries will offer Norway more for their gas and the price will go up.

If we had struck a special deal with Norway which guaranteed that we would get a certain amount at a set price then we would be fine. Briony Worthington suggested that last year. If only!