In January, the average annual bill for electricity and natural gas is falling sharply – to the lowest level in months, figures from the Flemish Regulator of the Electricity and Gas Market (VREG) show.
For those taking out an electricity contract in January, the estimated annual bill has fallen to €1,741.08, roughly €270 lower than for those who started their contract in December.
For natural gas, the drop is even greater: those who sign a contract in January will pay an estimated annualised €2,450.93, saving almost €629 compared to the estimated annual bill for contracts signed in December.
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Energy prices are not only dropping in Belgium but are on a downward trend across all of Europe. On the Dutch energy market, the price for a megawatt-hour (MWh) of gas dropped slightly to below €64.
Although temperatures are slightly lower than normal this week, Europe is expected to make it through the winter without gas shortages or extreme price increases. This is partly due to the mild temperatures, but also due to the supply of liquefied natural gas (LNG) to replace Russian pipeline gas. Due to a complete stock in China, ships can sail to Europe with LNG.