The energy market in 2023
From the global economies to the impact of renewable energy, 2023 was the symptom of many changes to come. As interest rates rose and economic landscapes diverged, the energy markets responded.
- Article
- 16/02/2024
What do the energy market trends in 2023 mean for the future
?
The various shifts in global economies and the growing importance of renewable energy in 2023 give us an idea of what tomorrow’s energy markets could look like. An analysis of 2023’s trends could therefore prove particularly interesting.
Firstly, in response to rising interest rates to combat inflation, world economies experienced divergent trajectories. The U.S. proved resilient against tightened monetary policies, while China faced recovery challenges, and the Eurozone teetered on the edge of recession.
Economic trends had an impact in the energy sector. 2023 showed the tangible impacts of renewable energies: we are reaching a key moment in the energy transition. The year brought many changes, particularly in the gas market, which remained sensitive to external events, posing a heightened risk of fluctuating European prices. Despite favorable fundamentals, volatility persisted, urging caution amid low prices.
On electricity markets, 2023 showed the influence of the booming renewable energies sector. The boom in residential and professional solar panels became evident, leading to record negative prices in the Netherlands and Belgium.
Thus, the energy markets of 2023 reflected the evolving global landscape and the growing role of renewable energies. Download our full eBook to know more.