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READ MOREHopes of sharp fall in household energy bills as HSBC cuts gas price forecast
HSBC has slashed its forecasts for future wholesale gas prices in response to mild weather in Europe – raising hopes of a sharp decline in household energy bills.
The bank cut its 2023 forecasts for the price of gas traded in Europe by about 30% and its forecast for 2024 by 20%.
HSBC noted that prices had halved since mid-December to levels not seen since before the invasion of Ukraine, which pushed up already high gas prices, and that mild weather had reduced gas demand.
The Kremlin’s reduction of gas piped to Europe had prompted concerns that countries could be left short of gas this winter. National Grid had warned that a sudden cutoff in Russian gas in Europe, and a cold snap, could lead to power cuts.
However, the combination of high storage levels, mild weather and a cut in usage by households and businesses has eased the situation.
Read more at The Guardian
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