Record gas storage levels this year are unlikely to mean prices drop to levels seen before the pandemic and the Ukraine war, but energy security has improved after months when the UK worried about keeping the lights on.
Factors that could bring up energy costs include weather, US exports, Chinese demand and Russian supplies.
Imports of US liquified natural gas in the second half of last year rose significantly as reliance on Russian gas waned. Going forward, however, the US is under domestic pressure to protect consumers from price rises, which could mean less exported to Europe., following nearly three years of lockdown restrictions, and the associated economic growth will impact energy markets, the Cornwall Insight report said, though the impact is uncertain.
Households can expect prices to be"more muted" than last year, Dr Chadwick said, as the panic from the Ukraine war outbreak subsides.
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