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. Our forecasts indicate that this could not be a single winter problem, with tight supply and high prices for gas likely to be a feature of next winter (2023-24) as well.
Our report discusses the drivers of UK gas prices both this winter and next alongside our short and long-term gas price forecasts.
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