Canterbury Bid

Energy Report October 2023 – updates from PSP

Place Support Partnership, who have been providing Canterbury Businesses with utility cost savings advice since March this year, have released the latest Energy Report:


Australian unions gave notice to resume strikes at LNG plants and have shut down an Israeli field, a move that could disrupt supplies and has pushed European gas prices up by 17%. A major offshore gas field in Israel has also shut down and oil prices soared as concerns about the potential impact of the ongoing conflict increase. Oil prices have also been more volatile, and investors are concerned that the high-interest rates across the US and Europe would have to remain in place longer than originally planned.

Businesses have been advised by energy experts to stay vigilant of the stability of the energy market and consider green energy options if they have not already. Energy prices have eased this year, but due to unforeseen outages and ongoing summer maintenance market prices have risen despite bearish fundamentals recently.

Commenting on the latest report, commercial energy and sustainability consultancy Advantage Utilities Chief Executive Officer, Andrew Grover, said: “Businesses must stay on top of the current energy market which remains extremely precarious. We’ve already witnessed volatile energy price changes in response to ongoing disruptions and that’s in spite of healthy gas storage levels. We also believe that energy prices will remain at current levels for a few years to come.”

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