Price of energy contracts signed in November to fall by 20%

Price of energy contracts signed in November to fall by 20%
Credit: Hatim Kaghat/Belga.

The Commission for Electricity and Gas Regulation (CREG) has announced that the latest price of an energy contract that was signed in November will cost Belgians €4,817.56 per year – a 20% decrease on the previous month. However, as it gets colder in the winter, the CREG is expecting these prices to climb back up at the start of next year.

On Tuesday, the Belgian regulatory body for gas and electricity indicated to French-speaking outlet L'Echo that the price of a new energy contract taken out in November was 20% less expensive than in October, as the average annual price fell from €5,988.95 to €4,817.56.

In October, a Belgian household would have to set aside €5,988.95, and €3,564 for gas alone, to sign up for a new energy contract, which represented a 95% increase on the previous year. However, the CREG has recently said that the prices of these new contracts have fallen by 20% within a month.

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Indeed, their latest estimate for the month of November put the average annual price of an energy contract at €4,817.56, with the prices of gas and electricity contracts costing € 2,814.96 and €2,002.6 respectively.

As previously stated, given that most energy contracts are variable and base their calculations on the prior month or three-month period, the figures for November are a result of the unusually warm October weather, which led to gas prices falling as consumers reduced their demand for heating, gas, and electricity.

However, the CREG is expecting the price of new energy contracts to shoot back up at the start of the new year, as gas prices have  once again slightly risen at the beginning of December, driven by the winter temperatures.

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