In this newsletter, we update you on the latest developments in the energy market and share practical tips for smarter energy use. From price trends to strategic energy management, BDO and Odot provide your business with the tools and insights to grow.
Read on to discover how BDO and Odot can help you keep your energy costs in check and contribute to a sustainable future.
Smarter energy management with Odot and BDO!
At BDO, we believe in growing together. That’s why we’ve partnered with Odot, a fast-growing scale-up in digital energy management.
By combining our strengths, we aim to help companies operate more sustainably.
In this newsletter, we’ll share the latest insights into the energy market for 2024 and provide you with practical tips to optimise your energy management.
Price Trends
Electricity:
Electricity prices are stabilising in 2024 after the peak levels of 2022 and 2023. While prices are lower than in previous years, they still remain above the pre-2022 levels, indicating that the market is still recovering from the 2022 energy crisis.
Focusing on the first half of 2024, we noticed a temporary drop in wholesale prices in February 2024, with an average decrease of over 20% between January and March. Although this decline initially continued for a while, a slight price increase was observed from April onwards.
Natural gas:
Natural gas prices on the TTF Spot market also show a downward trend in 2024, although they remain above pre-2022 levels.
In the first quarter of 2024, we see a clear downward trend in gas prices, with a reduction of about 17% after January. The highest average daily price fell from €34.47 in January to €28.61 in March. Between April and June, a renewed upward trend was noted compared to the first quarter, with the highest price reaching €34.26 in early June.
Frequently Asked Questions
1) Will there be another major price increase?
Not for now. The outlook for 2025 shows that forward prices are currently at their lowest since early 2022.
However, the gradual phase-out of nuclear energy could negatively impact prices in the coming years. This is why it's important to keep investing in renewable energy sources.
2) Will energy prices return to pre-2022 levels?
It seems unlikely. Rising CO2 prices, the closure of some Belgian nuclear plants, and the reliance on gas-fired power stations are expected to keep prices high.
3) What’s the best strategy for energy contracts?
Odot advises companies to opt for flexible contracts. These contracts limit the risks of price hikes and higher rates while offering enough flexibility to respond to further price drops. This approach provides a healthy balance between fixed and variable rates.
Stay up to date!
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BDO & Odot: your partners in energy savings and sustainability
BDO and Odot are joining forces to support companies in their energy management. With Odot’s digital platform and BDO’s AI tool, aiGUST, we help companies optimise their energy bills and uncover hidden savings opportunities. Together, we work towards lower costs and a more sustainable energy policy.