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The Recent Shift in Energy Markets: Navigating the Decline in Gas Prices

Understanding the Decline in Gas Prices

The energy sector has experienced notable shifts since November 2023, with a declining trend in gas prices bringing economic relief and opening new avenues for financial savings. This part of our blog post examines the downward trajectory of gas prices, contextualised with the graph below, and considers the contributing factors and wider implications for consumers and businesses.

"Banner image depicting a business owner standing on a road, looking towards a horizon lined with road signs displaying the years 2024 to 2029, against a backdrop of a city skyline. Overhead, a translucent, fluctuating arrow represents volatile energy market prices. The logo of Smart Energy Company and the text 'Steering Through Uncertainty: Energy Strategies for the Future' overlay the image.

  • Gas prices on 24/11/2023 - 119.90 pence per them

  • Gas prices on 14/02/2024 - 60.48 pence per them

The gas market has seen a significant decrease of approximately 49.56% from 24 November 2023 to 14 February 2024. This is a substantial reduction in wholesale gas prices over this period.

Examining the Trend: A Visual Perspective

The graph offers a clear visual representation of how gas prices (shown in grey) have decreased over the period. It's evident that while the prices have had their share of peaks and troughs, the general movement has been downward. This visual data is a powerful tool for understanding market trends at a glance and sets the stage for deeper analysis.

Factors Behind the Declining Gas Prices

Several influences have been at play in the downward shift in gas prices:

  • Ample Supply: Consistent LNG shipments and steady production from Norwegian fields have provided a buffer against potential price spikes.

  • Renewable Energy Impact: Increased output from renewable sources, particularly during periods of strong wind, has lessened the reliance on gas for electricity generation, contributing to the softening of prices.

  • Weather Patterns: Milder than expected weather conditions have led to reduced heating demand, further easing the pressure on gas prices.

The Impact on Consumers and Businesses

The sustained decrease in gas prices over the last few months offers several benefits:

  • Cost Savings: Households and businesses have seen direct savings on energy costs, providing an opportunity for increased financial flexibility.

  • Investment Opportunities: Lower energy costs could lead to more disposable income for consumers and the potential for businesses to invest in growth or efficiency measures.

Staying Informed: Weekly Market Reports

For those keen to understand the weekly nuances of the market, detailed breakdowns are available through our Weekly Energy Market Updates. These reports offer insights into the specific movements week-to-week, allowing subscribers to stay ahead of market changes.

Further Information: For an in-depth exploration of the market reports and to learn more about how these trends could affect your business. You can subscribe to receive updates Daily, Weekly or Monthly to help guide your decision of when to agree your next contracts and capitalise on market lows.


Navigating Future Energy Market Conditions

In the ever-evolving energy landscape, understanding how to navigate the market and prepare for future changes is key. This section outlines strategies to benefit from the current low gas prices and provides insights into anticipated market trends.

Maximising Benefits Amidst Declining Gas Prices

Smart Procurement Decisions: With the current dip in gas prices, it's a strategic moment for businesses to consider fixed-rate energy contracts to lock in the savings. Smart Energy Company offers Energy Procurement Services that help you secure the best rates from over 20 suppliers.

Investing in Efficiency Upgrades: Though Smart Energy Company doesn't provide energy efficiency solutions directly, now is an ideal time for businesses to invest in such upgrades through external providers. Implementing energy-efficient technologies like LED lighting can further reduce long-term costs and carbon footprints.

Renewable Energy Adoption: For those looking to make a sustainable shift, Smart Energy Company can facilitate renewable energy quotes tailored to your needs. Request a quote indicating your preference for renewables, and explore options from a diverse portfolio of suppliers.

Anticipating Market Movements

Market Intelligence: The energy market is subject to a myriad of influences, including geopolitical events, supply chain dynamics, and regulatory changes. Keep up-to-date with comprehensive insights and Latest Energy Industry Updates that cover market reports, industry changes, supplier rate updates, and more.

Technological Impact: Technological advancements will continue to shape the energy sector, potentially stabilising prices and expanding renewable options. Smart Energy Company's insights can help you stay on top of these developments.

Staying Informed with Smart Energy Company

In-Depth Industry Updates: Beyond market reports, Smart Energy Company provides valuable information on industry changes that could impact your business. From updates on suppliers' out-of-contract rates to regulatory shifts, ensure you're informed by visiting Latest Energy Industry Updates.


The current trend of declining gas prices presents opportunities for cost savings and strategic energy procurement. By staying informed through Smart Energy Company's market intelligence and considering renewable options, businesses can make decisions that benefit both their bottom line and the environment.

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Have More Questions?

  • Is it possible to change multiple business utilities at the same time?
    Our switching service allows you to switch multiple utilities simultaneously. We have successfully assisted multiple businesses in the UK by helping them save on various services such as energy and water with savings within 2023 already over the £2 Million mark.
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    Switching business utilities involves a straightforward process. Here's a general overview of how it works: Evaluation: Start by assessing your current utility bills and usage patterns. This will give you an idea of your current costs and help identify areas where savings can be made. Comparison: Use a switching service like ours to compare different utility providers in your area. We provide you with quotes from multiple suppliers, allowing you to compare prices, contract terms, and services offered. Selection: Based on the comparison results, choose the utility provider that best meets your needs and budget. Consider factors such as price, customer reviews, contract terms, and any additional services or benefits offered. Contract Negotiation: Once you've chosen a new provider, our team can help negotiate the contract terms and rates on your behalf. Switching Process: The switching service will coordinate the transition with your current supplier and the new provider. This may involve submitting termination notices, arranging meter readings, and scheduling the activation of new services. Enjoy the Savings: After the switch, you'll start receiving services from your new provider, typically at the agreed-upon rates. You will notice savings on your utility bills, providing you with cost advantages for your business. Remember, the exact process may vary depending on the type of utility you are switching, but our switching service aims to simplify the process and assist you at every step.
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  • What is energy procurement?
    Energy procurement is the process of sourcing, negotiating, and securing energy contracts to meet the specific needs of a business. It involves analysing energy consumption patterns, understanding market trends, and negotiating with suppliers to obtain the best possible rates and contract terms.
  • Why is energy procurement important for my business?
    Energy procurement ensures that your business secures energy contracts that are both cost-effective and aligned with your operational needs. Proper energy procurement can lead to significant cost savings, budget predictability, and reduced risks associated with volatile energy markets.
  • How does The Smart Energy Company help with energy procurement?
    We specialise in analysing your energy consumption, understanding your specific needs, and leveraging our relationships with over 20 suppliers to negotiate the best possible contracts on your behalf. Our team ensures you get optimal rates, flexible terms, and contracts that align with your business goals.
  • How do you ensure I get the best energy rates?
    Our team continuously monitors the energy market, staying updated with trends, price fluctuations, and supplier offerings. Coupled with our in-depth analysis of your energy needs and consumption patterns, we negotiate with suppliers to secure rates that are both competitive and suited to your business.
  • Are there any hidden fees associated with your energy procurement services?
    Transparency is a core value at The Smart Energy Company. We provide a clear breakdown of any commission we earn as a company when you come to agree any new energy contract. This is typically included as an uplift in your unit rate and paid to us by the supplier you chose to go to. Our primary goal is to secure the best energy deals for you, with no hidden costs.
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