A wide variety of economic, political and environmental factors have redefined global business strategies and energy policies.  

Electricity  

During 2024, the electricity market has recorded an average price decrease compared to 2023. The average electricity price was €63.0/MWh, representing a drop of 27.6% compared to the previous year. This decrease is mainly due to the increased integration of renewable energies into the electricity mix, thus reducing dependence on fossil generation sources.  

Natural Gas  

The natural gas market has also shown a downward trend, with an 11.6% reduction in MIBGAS prices, which averaged €34.7/MWhpCS. This decline has been favored by a less severe winter than expected in Europe and an increase in liquefied natural gas (LNG) imports, which have alleviated the supply tensions seen in 2023. However, the various gas hubs closed the year on an upward trend due to geopolitical tensions, mainly in Ukraine.  

Oil  

In contrast, the oil market remained relatively stable, with a slight decrease of 2.5% in its average price, standing at €80.4 per barrel. Although the geopolitical conflict in the Middle East led to significant variations in the price of Brent throughout the year, the average price finally stabilized at around €75 per barrel due to the coordinated efforts of OPEC countries to balance global supply and demand.   

CO2 emission allowances  

The CO2 emission allowances (EUAs) market reflects a significant 21.8% decrease in prices, reaching an average of €65/EUA. This decrease is due to speculative movements in correlation to the price of natural gas together with more aggressive emission reduction policies and the implementation of cleaner and more efficient technologies in the industrial and energy sectors. 

Conclusions  

These price variations reflect a year of adaptation and change in the energy sector. Government policies towards a low-carbon economy, along with technological innovation in renewable energy sources and energy efficiency, have played a crucial role in shaping energy markets.  

At Energía Local, we understand the challenges and opportunities these changes represent for businesses.  

Our consulting services and customized solutions are designed to help our clients improve their energy operations and take advantage of savings and sustainability opportunities. Whether you need energy purchasing strategies, renewable technology implementation, or environmental compliance, we are here to support you every step of the way toward a more sustainable energy future.