Energy Prices: What’s the Outlook?

We are at a critical juncture. With BP’s 2014 Statistical Review of World Energy reporting growing rates of energy consumption – and the fact that 87% of demand is still being met by fossil fuels – it’s a good idea for us all to get informed and be aware of likely developments in the energy market over the coming years.

What Exactly Is Happening – And Why?

Energy prices have risen significantly in recent years – and with little to no real change in sight for global energy policy, this trendlooks set to continue in the coming years The IEA (International Energy Agency) expects the price of oil to average out at more than $200 / barrel by 2030. Despite scientists’ warnings that industrialised countries cannot maintain their greenhouse gas emissions at current levels without significant increases in global temperature, these countries’energy usage is projected to remain fairly constant over the next two decades. Meanwhile, rapid development in the fast-growing economies of China and India means that they will contribute significantly to the additional projected energy demand. If the international community were to come together in some sort of unified climate change agreement, it might be possible for the worst consequences of unsustainable energy use to be avoided – but that’s not something we can really on with any degree of certainty at the moment.

What Can I Do to Protect Myself?

It’s easy to feel helpless in the face of changes we can’t control, but there are actions you can take to protect yourself and your family from rising energy prices. Firstly: Be informed and know what to expect. This article touches briefly on some of the issues and general trends, but there are plenty more free, detailed resources out there for you to explore at your leisure. Once you’re all clued up, one of your most effective courses of action isto make sure you’re with an energy supplier that puts its customers first and prides itself on an ethical business model. Most government energy departments now offer useful advice for making the switch, as do reputable impartial advice sites like Which. With a little shopping around, you’ll quickly find the perfect supplier isout there – see great-value companies like Alinta as proof.