Commodity Market Report
Europe energy prices: June 2024
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Report summary
Europe energy prices provides a comprehensive outlook for fuels, carbon and power prices in Europe to 2050. Gas prices have softened but tightness and volatility remain, amplified by geopolitical tensions, until 2026 as supply availability remains limited. As a new wave of LNG supply hits the market this brings structural change and downward pressure on prices over 2026 to 2029. After brief rebound, another wave of new supply will trigger another low-price cycle over 2032 to 2035. Lower commodity prices exert major influence on power prices in the near-term. Increasing volumes of variable renewables in the mix also add downward pressure. But in growing markets, where electrification is a key driver of energy transition, flexible demand emerges helping to stabilise long-term prices.
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