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Over 40% of businesses have never switched their energy supplier.  Either because they didn’t know they could or it is seen as a lot of “hassle”, this means they are likely to be over paying.

Our specialised energy consultants can offer businesses, regardless of size or sector, the opportunity to secure the most cost-efficient tariffs on the market.  Geo-political factors and other market fluctuations have resulted in prices to rise year-on-year. Our advanced software solutions allow us to monitor the market and advise you on the best purchase model.

Let us help you reduce your business energy bills by assessing your current gas/electricity usage or contract.

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Market Monitoring

June 2023 Update

Energy bills are driven by both the price of energy on the wholesale market and Third-Party Costs (TPCs). TPCs include non-energy costs set by the government, network (the National Grid), policy and system costs and electricity transmission/distribution costs.

The biggest single cost on a bill is the price of the energy. Before the energy crisis the wholesale cost of energy made up approximately 40% of an electricity bill and 70% of a gas bill, with the remaining being TPCs, which have been continuously rising in recent years and can be volatile. Currently, with the rise in wholesale costs they are around 78% of a gas bill and 72% of an electricity bill.

This pricing report will focus on the energy element of a bill to help you keep track and understand the wholesale energy market and the factors affecting the price of your contracts.

Overview:

An attack on the Kakhovka Hydroelectric Power Plant in the city of Nova Kakhovka (a Russian-occupied region of Ukraine) has triggered a wave of evacuations. The dam is one of Europe’s largest reservoirs holds water equal to the Great Salt Lake in the US state of Utah, according to Reuters. The attack has unleashed a flood of water over dozens of towns and villages and also provides cooling water to the nuclear power station at Zaporizhzhia. Ukraine has accused Russia of destroying the Hydroelectric Power Plant structure,  whilst Russia is blaming Ukraine.

Prices have also increased due to being under-supplied on gas, a low LNG send out which fell by 46% and unplanned maintenance at Barrow. Saudi Arabia have also cut oil production by an additional 1million barrels per day which caused the price of oil to rise whilst OPEC+ pledged to cut supplies further to counteract rising global demand. 

Bullish Factors (upward pressure on markets):

  • Ukraine dam attack
  • Decrease in LNG
  • Under supply of gas
  • Oil production cuts
  • Lower wind generation

Bearish Factors (downward pressure on markets):

  • Warm UK temperatures 
  • Lower gas demand
  • Solar generation expected to increase

Bullish

Both Brent and WTI (benchmarks for oil prices) trading above $70/bbl since last week.
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Concerns of low storage levels in the UK.
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Strong trading continues in the gas and carbon markets.
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Wind generation remaining low.

Bearish

Fears of rising new COVID-19 cases, which have delayed restrictions being lifted by 4 weeks
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Section talks between US and Iran continue, meaning more oil could return to the market
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US dollar strengthening

Our suppliers

We only work with the most trusted and reliable suppliers and have carefully selected the very best to work with. By working with a wide range of suppliers alongside our advanced software solutions, we can access the best pricing available across the energy market instead of manually comparing quotes from each supplier.

An energy provider dedicated to you

With so many energy providers out there, sometimes it is hard to choose the right one. For us it is not just about helping people reduce costs, we are also extremely passionate in providing outstanding customer service and support. If you are looking for a consultant that puts the customer first, please get in contact and we would love to hear from you.

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