Energy Prices Are Rising Again: Why Waiting Is No Longer an Option

What is happening in the market?

Recent market data confirms a upwards trend, with a high level of volatility and uncertainty.

Electricity prices in Belgium (forward 2027) are currently around €90–110/MWh, compared to a pre-2021 average of €50–70/MWh. Gas prices (TTF forward) are fluctuating between €35–45/MWh, still significantly above historical levels of €15–25/MWh.

At the same time, short-term volatility remains high. Daily price swings of 10 to 20 percent are no exception. This combination of higher baseline prices and ongoing fluctuations creates a challenging environment for businesses.

Why this is not temporary

What we are seeing today is not a temporary market imbalance, but the result of several structural shifts.

Geopolitical tensions continue to impact the stability of gas supply, while the transition to renewable energy is not keeping pace with the growing demand driven by electrification. At the same time, grid congestion and infrastructure constraints limit the system’s flexibility.

On a global level, competition for LNG is intensifying, putting additional pressure on European markets. These factors together point to a long-term reality of structurally higher and more volatile energy prices.

What this means for your business

For many companies, energy is becoming a decisive factor in overall performance. Rising prices directly impact margins, especially in energy-intensive activities, while volatility makes budgeting and forecasting more complex.

In addition, the ongoing electrification of operations, from vehicle fleets to heating systems, increases exposure to electricity prices. This means that energy is no longer just a cost item, but a key driver of risk, competitiveness and strategic positioning.

How leading companies are responding

Leading companies are not waiting for the market to stabilise. They are actively adapting their approach.

They diversify their energy mix, combining traditional sources with renewables and storage solutions. They invest in energy efficiency to reduce consumption and build more flexibility into their operations to better respond to price fluctuations.

At the same time, they aim to reduce dependency on external markets and develop long-term strategies that make their energy model more resilient and future-proof.

Key questions to ask today

This evolving landscape requires critical reflection on your own situation:

• How significant is energy in your cost structure today?
• How will your exposure evolve with electrification and sustainability investments?
• How robust is your current energy sourcing strategy?
• To what extent can you pass increased costs on to your customers? 

These questions are essential to assess your level of preparedness in a more volatile energy environment.

Let’s discuss your situation

Every business is different. There is no one-size-fits-all approach, but there are clear principles that can guide you. Our experts are here to help you.

Discuss your situation with one of our experts.