Millions of homes can look forward to lower energy bills in 2020 after the market price for gas fell by half in the last year to reach lows not seen in a decade. Suppliers are expected to cut their dual-fuel tariffs as energy market prices continue to tumble in the new year because of a growing glut of gas in the global market. The market price for gas has plummeted across Europe as a record number of cargoes from the US, Russia and Qatar have flooded into the continent. In the UK the market price for gas hit 10-year lows of 24.75p per therm in September, compared with an average price of 55.63p in the same month last year as imports of liquified natural gas (LNG) reached new highs. The record number of seabound cargoes arriving on UK shores has kept gas market prices below 40p per therm, even as temperatures fall, and experts believe the price will drop further in the months ahead. Energy analysts at Cornwall Insight have predicted that the record high gas imports could mean falling energy bills for millions of homes covered by the government’s energy price cap this summer.
Guardian 26th Dec 2019 read more »