The prices of electricity and gas have relatively stabilized on the energy exchange in recent weeks. According to Jiří Gavor, analyst at ENA and executive director of the Association of Independent Energy Suppliers (ANDE), they will not change much in the coming weeks. He expects that a megawatt hour (MWh) of electricity will cost around 130 to 160 euros (roughly 3,060 to 3,770 CZK) on the market, and gas prices will range from 45 to 65 euros per MWh (1,060 to 1,530 CZK).
Even Michal Kulig, the head of the energy company Yello from the Pražská energetika (PRE) group, does not expect another significant drop in wholesale energy prices. “We will not get to the price level of 2020,” Kulig recalled the period before the start of the energy crisis, when energy prices were significantly lower than at present.
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In the longer term, on the contrary, according to him, prices may be affected by, for example, activities within the framework of energy transformation in Europe. Gavor also drew attention to the ongoing uncertainty at the time of the ongoing war in Ukraine.
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Even so, according to Gavor, further offers with reduced energy prices for end customers can be expected from suppliers. According to him, purchases of energy on the market at reduced prices will gradually be reflected. He pointed out that suppliers buy energy on the exchange ahead of time, which is why reduced prices are often reflected in offers with a delay. According to Gavor, an increase in new offers can be expected, for example, before the start of the new heating season, when greater competition can be seen.
The savings will continue
Another topic of discussion was energy savings. According to Gavor, the reduction in consumption will continue despite more favorable prices on the market. “The price level is still quite high. When people realized where they can save, they will stay in that setting,” he pointed out. However, he does not expect another dramatic drop in consumption. According to him, customers will now focus more on long-term investments, such as insulating a house or purchasing equipment for renewable resources.
Electricity prices on the European market rose to a record high last year. In the summer, the price per megawatt hour of electricity reached 1,000 euros (CZK 24,700). Currently, a MWh of electricity costs 150 euros (CZK 3,705). The government has therefore set a ceiling for energy prices this year. It amounts to 5,000 crowns per MWh of electricity without VAT and 2,500 crowns per MWh of gas. Distribution fees need to be added to this. The so-called ceilings apply to households, companies and public institutions.
However, wholesale energy prices have been moving below the government ceiling for several months. The price of electricity is currently 147 euros (about 3460 CZK) per MWh without VAT. A MWh of gas now costs 58 euros (roughly 1,365 CZK). Most of the domestic energy suppliers have already presented tariff offers with reduced prices in the previous weeks.
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