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GAS MARKET
24 November 2015 | by Gabor Chodkowski-Gyurics

DECC slashes gas price forecast for second year in a row

DECC slashes gas price forecast for second year in a row
UK’s Department of Energy and Climate Change (DECC) has slashed its gas price forecasts for the second year in a row in a report, published on November 18. The DECC said the fall in gas prices has been driven by a combination of the plunge in oil prices, increased global supplies of liquefied natural gas (LNG), and mild winters undercutting the demand in Europe.

These latest projections assume average gas prices for this year of 47 pence per therm and will barely rise over next four years, to just 49p/therm in 2019 and 52p/therm in 2020. For comparison, a year ago the DECC expected prices of 60.3p/therm in 2020, while two years ago it was forecasting they could hit 73.8p/therm.

Despite being only published now, the figures were finalized in April, meaning the predictions may well still be overestimated as factors negatively influencing gas prices are persisting.



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