UK energy prices have fallen to their lowest point in ten years with some of these savings potentially being passed on to the consumer.
The spread of the Coronavirus and measures taken to contain it has heavily pressured down financial markets over the past month, with these losses transferring to energy markets.
Gas and power prices in the UK have fallen to a 10-year low and many consumers could see a decrease on their energy bill, particularly household customers.
Prices were already seeing a downturn before the start of the pandemic due to a mild winter and higher than normal storage levels but global lockdowns resulted in more severe losses during March.
According to Ofgem figures, Day-Ahead gas prices traded at 58p per therm in January -19 but have fallen as low as 17ppt in recent weeks, their lowest levels in a decade.
As March came to a close, our analysis showed that the 1-year forward price for electricity fell as low as £33.38/MWh, while gas dropped to 26ppt.
Prices have since displayed a recovery following a rebound on oil markets but still trade close to record lows.
Markets remain extremely volatile with no scheduled end date in regard to lockdowns and preventative measures to lower the Coronavirus death rate.
Little support is expected to be provided elsewhere, with oil markets currently experiencing a price war between major producers and a healthy outlook for UK gas supply.
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