Energy Prices Seen Stable But Risks Remain of Price Spikes

Oil prices expected to remain relatively stable over next 12 months, averaging around $80/barrel, barring any major geopolitical disruptions
Europe no longer relies on Russian gas, but natural gas markets still finely balanced; price spikes possible if supply disrupted or demand surges
Global electricity prices fell in 2022 after hitting records, but remain well above pre-pandemic levels
Multiple factors affect consumer electricity bills beyond wholesale prices, including taxes, distribution costs, environmental levies
Forecasting future prices difficult due to reliance on hard-to-predict factors like weather, geopolitics, economic growth