ENERGY MARKET LATEST
- simon7110
- Nov 20, 2024
- 1 min read
Download the latest happenings in the world that can affect the energy prices we pay here in Wolverhampton and Staffordshire.
The report underlines why our advice is to lock in today's low prices for as long as possible, even if your current contract has a year to go.
If the market softens slightly, and peace miraculously breaks out around the world, prices don't have that much further to drop.
When you compare that risk to the potentially catastrophic price rises that would come about as a result of energy supply being targeted by multiple regimes... they only have to get lucky once... and that would cause huge pain for all of us running businesses here in the UK.
Just a few days ago Putin announced a ban on sending Enriched Uranium to the US, a substance which is essential to running a Nuclear Power Station.
The US will find other sources to fill the gap... eventually... but it won't be a quick process and Uranium prices have already risen, with a knock-on effect for other energy prices.
It could also impact the US's ability to export energy to the UK and EU, like they did during the last energy crisis.
Russia controls 44% of the global Enriched Uranium market.... and provides the US with more than a quarter of its total supplies... so finding an alternative source to fill the gap will not be easy, or cheap.
Russia will focus on providing this vital energy resource to other regimes such as China, India and other non-Western countries.
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