One Month On: How the Middle East Conflict Reshaped Global Energy Markets

Tension in the Middle East is sending ripples through global energy markets and Ireland is feeling the impact.

The past two weeks have seen escalating conflict in the Middle East. Below is a brief overview of what has happened, and why energy markets are watching developments so closely.

Cornwall Insight experts Tom Edwards (Principal Modeller) and Dr. Craig Lowrey (Principal Consultant) discuss the recent volatility in wholesale energy markets following developments in the Iran conflict

Since the energy crisis, there has been an increased focus on how much British businesses are paying for their energy, especially their electricity. Although wholesale markets have eased from their peaks in 2022-23, delivered prices have remained stubbornly high. There is growing recognition, especially amongst trade groups and the business media, that the cause of this is structural, with non-commodity costs - the costs which sit on top of wholesale energy prices - becoming more prominent in bills amidst policy and system changes.

The Government’s Autumn Budget introduces major changes for households, businesses and the wider energy sector. Here’s an overview of the announcements.

Cornwall Insight's 2025 Annual Conference Delivering Reform, Unlocking Investment, Empowering Action took place at Glaziers Hall on Wednesday 5 November, here is an overview of the event.

British energy politics stand at a pivotal juncture. With politicians setting out competing visions for Britain’s energy future, and the major suppliers expressing concerns about the new dynamic - the sector faces a new era of uncertainty - and opportunity.

The Government has spoken: Zonal pricing is off the table. But what does that mean for the future of the Great Britain's electricity market?

In June, the Climate Change Committee (CCC) published its “Progress in reducing emissions” report to Parliament. It highlighted, that with more action, the UK can still achieve its legally binding climate targets and improve energy security for households and businesses across the UK. However, a lot more action was needed.

Few topics have stirred as much debate in the GB energy sector as the question of whether the electricity market should shift from a national wholesale price to a zonal one. So, what’s the real story?

We explore the practical challenges and potential timelines if zonal pricing is adopted, drawing on Cornwall Insight’s new Zonal GB Benchmark Power Curve, the paper examines the complexity of the reform looking at the key points on the way.

The 30th October marked the new Government's first Budget, which outlines spending plans across the whole economy. It sets out a number of energy-related announcements

In our latest blog, Prinicpal Consultant Dr Craig Lowrey examines what we can expect from an energy perspective in the 2024 budget.

In our latest blog, Lead Regulatory Analyst Giles McNaught examines the potential impact of the Minimum Capital Requirement on the domestic supply market and the delicate balancing act the government and regulators must maintain to ensure healthy competition.

Our latest report discusses a series of actions that can be taken by the new government, industry bodies, and market participants to help regain and maintain momentum in the transition to net zero.

The new government is wasting no time rolling out its ambitious plans for a net zero electricity system by 2030.

Since publishing the previous iteration of the Low-carbon Hydrogen Policy Index in April 2023, the global hydrogen market has continued to grow and develop as both national governments and industry stakeholders have sought to expand the role of hydrogen in their decarbonisation plans.

In this piece, we will assess the schemes’ effectiveness by looking at subsequent market trends, contextualising the cost relative to government spend, and considering what happens next.  

This blog explores, how since Russia’s invasion of Ukraine, the UK’s and EU’s natural gas imports have transitioned away from Russian pipeline supplies and towards liquified natural gas (LNG); the short and long-term impacts on UK energy bills; and what issues lie ahead in the LNG transition.

Recent events, from the worker strikes at the Chevron-owned Wheatstone LNG facility in Australia to the Israel-Hamas conflict, have highlighted the potential for disruption to energy exports. The Wheatstone and nearby Gorgon facilities account for \~5% of global LNG supplies

As we look ahead to a second winter with heavily reduced levels of Russian pipeline gas being supplied to Europe, one of the key variables in the stability and security of European gas supplies and prices will be the supply of Liquified Natural Gas (LNG).

Over the last five financial years, South Australia has seen a significant increase in price volatility, with substantial portions of time both negative and above $250/MWh, leading to increasing opportunities for storage systems to provide arbitrage services.

Substantial reductions in Russian gas supply to Europe and increased global competition for LNG cargoes have resulted in substantially elevated gas prices for the UK this winter (2022-23) compared to the historical norm.