In today's article, we look at one of the most important questions facing all energy buyers: How will energy prices develop in 2024? The answer is as simple and short as it can be: Nobody knows for sure, and we can't provide any satisfactory information on this either. Anyone who does is whispering on the stock exchange and looking into a crystal ball, because electricity and gas are traded daily on the exchange and, as products, prices depend on various factors. These include supply and demand on the energy market, general commodity prices for natural gas or crude oil, weather conditions, the availability and costs of renewable energies or regulatory changes at home and abroad (see, for example, the grid fee increase for 2024 due to the sudden discontinuation of the economic stabilisation fund). All of these factors interact with each other and therefore no one can predict exactly how energy prices will develop in the future. What you can do as a buyer, however, is to be quick to take advantage of favourable market price developments and tenders. This is the only thing you can influence. But how exactly does this work? We have compiled the most important information and to-do's for you.

Here are our top 6 tips for energy buyers:

1) Monitor stock market developments at all times

Keep an eye on the market prices for electricity and gas at all times so that you can quickly identify favourable purchasing times and launch a tender if necessary. If you see that prices are falling by several cents per kilowatt hour, you can decide for yourself whether you are already happy with this price change or whether you want to wait longer - with the risk that the curve will go up again. Nevertheless, daily price monitoring shows exactly how prices are developing and what trends can be seen. With digital platforms such as enPORTAL connect, daily stock price monitoring is included so that you can see how stock prices are developing every day.

2) Keep energy consumption data to hand at all times

Keep your energy consumption data up to date at all times so that you can start a tender immediately when the market price develops favourably. If you only start sorting and collecting all the consumption data from all your consumption points when purchasing times are favourable, you will lose valuable time and, in the worst case scenario, a market low. With enPORTAL connect, your energy consumption data is updated automatically so that you have all the latest values available at all times and can start a tender immediately when market conditions are favourable.

3) AI-supported energy price forecast

Use digital tools that intelligently link the relevant energy data. Using the AI-supported energy price forecast from enPORTAL connect, we transfer the daily energy market events to your individual consumption profile and price in a realistic surcharge from the energy suppliers. This allows you to see exactly what price you would currently pay for electricity or gas, making it easier for you to decide in favour of or against a tender.

4) Take advantage of the fierce competition in the energy market

The be-all and end-all of energy procurement for companies is a broad market enquiry. If you only enquire with a handful of suppliers, you reduce your chances of finding the most favourable supplier. Digital energy marketplaces make this market enquiry possible at the click of a mouse. With enPORTAL connect, 700 verified energy suppliers are represented on the digital energy marketplace and will submit a price offer if you are interested. This is the only way to increase your chances of obtaining the most favourable energy price at the time of purchase.

5) Reduce binding periods

In addition to the broad market enquiry, it is also important to keep the binding period to the price offer from the energy supplier as short as possible. The shorter the binding period to a supply offer, the lower the risk premiums from the suppliers, which in turn influences the energy price. So you can really save money here. What does that mean exactly? Use automated and digital tendering processes that allow you to accept a supply offer within a specified time - ideally verified with a click, so that a paperless contract is also concluded. With enPORTAL connect, the binding periods are set to 2 hours, so that you as a buyer receive energy prices close to the market and risk premiums are minimised.

6) Know energy market news

Look for platforms or service providers that send you relevant energy market developments - this will ensure that you don't miss any important developments that affect your energy price. This point proved to be particularly relevant during the 2022 energy crisis, as there were some weeks when suppliers cancelled offers and buyers did not receive any offers at certain times. Those who did not have this information sometimes panicked or made ad hoc purchases at prices that were far too expensive. With enPORTAL connect, you are informed about market-relevant changes at all times via customer news or have a personal customer service team to provide you with advice and assistance.

Conclusion: utilise the maximum speed and connection

In order to get the best energy prices and take advantage of favourable energy market situations for your company, it is important that you increase the speed of your tendering and contract negotiation processes and at the same time seek the connection to professional and up-to-date energy knowledge. Check out digital marketplaces, energy platforms and automated data management tools to benefit from the current opportunities in energy purchasing in these areas.

If you follow and implement these 6 tips, you will be well equipped to deal with the fact that there is no clear answer to our initial question.

Do you have any questions or require further information? Please do not hesitate to contact us.

The energy platform enPORTAL connect is a product of enPORTAL GmbH. enPORTAL connect is one of the leading energy platforms in Germany with over 700 participating energy suppliers and an annual managed energy volume of more than 25 terawatt hours of electricity and gas. Its customers include companies from industry, SMEs and commerce. The combination of an efficient energy platform and personal customer support includes a service covering all aspects of the energy marketplace, energy purchasing, energy data management, energy price forecasts, purchasing strategies and energy expertise. enPORTAL GmbH is a leading IT service provider for digital solutions in the energy sector. Founded in 2008, the owner-managed company sees itself as a pioneer for digital, standardised and efficient energy processes.