Energy prices keep rising and it looks bleak for next year as well

Energy prices have surged since March due to the Iran conflict and the closure of the Strait of Hormuz, leading to reduced oil and gas availability. A one-year energy contract has increased by €500 since August, primarily driven by high gas prices, affecting electricity costs as well. Many households are now opting for three-year contracts, which are often cheaper than one-year contracts, as the market anticipates high prices this winter. While energy prices for 2028 appear lower, the ongoing conflict creates uncertainty, making long-term contracts a gamble. Despite this, more consumers are switching energy providers, with a notable rise in three-year contracts.