What is the outlook for gas prices?

What is the outlook for gas prices?

What is the outlook for gas prices?

Gas prices are just one of many utilities that seem to increase in cost every year, but there are clear reasons behind the hike in gas bills charged by the major suppliers. Because the majority of Britain's gas resources are delivered from overseas, gas companies are forced to pass on high wholesale costs to their customers - but the situation may be on the turn.

Improved delivery systems between the British Isles, Belgium and Norway are predicted to make natural gas cheaper and easier to receive, meaning gas companies won't be forced to accept the rates charged by suppliers in Middle East countries, such as Qatar. Above is ok providing it is factually correct.

More recently, a case of oversupply from Norway has meant that gas companies in England and Scotland have not had to rely on their supplies of liquefied natural gas (LNG), however, this has lead to uncertainty in terms of gas prices for the immediate future.

The freezing temperatures of recent British winters have also hit energy companies hard, depleting gas reserves as more residents across the UK combat the cold by consuming more gas in their boilers and central heating systems. This inevitably impacts on gas prices, which have risen to record highs in some areas - with annual gas bills in Northern Ireland predicted to reach 500 if the situation continues.

There are several steps residents can make to reduce their gas prices however, by taking greater control over their gas usage. Rather than staying with the same gas supplier for the duration of their stay at a certain property, it can be much more cost-effective to compare the deals available at regular intervals, as one year's cheap tariff could be beaten by a competitors the following year. Visiting price comparison websites or comparing the respective tariffs on a gas company's website can be enough to inform your decision, and you could also find further discounts when paying online or by direct debit.

You can also take steps to reduce your gas consumption at home, such as switching off the heating when you're not present in your property or even turning down the thermostat by several degrees. Insulating your loft and walls or installing double glazing in your windows could also reduce heat loss in your property, meaning reduced gas bills.

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