Welcome to the UB Insights

Take advantage of our expert advice with our UB Insights series. Here you will find expert analysis of the energy market, guidance on how to get the most of your supplier, up to date business energy prices and a detailed breakdown on how to save your business money.

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    Wholesale electricity prices

    Just as you thought prices could not rise any further – they have as you can see from the graph below! We recommend you secure your business energy prices now!

    Q3 2022 – Based on the latest wholesale energy prices, the cap on the most widely used household energy contracts is projected to rise by about 70% at the next change in October, taking average annual household dual-fuel bills – covering both gas and electricity – to more than £3,359 pounds. Remember the cap does not apply to business users and it looks like a harsh winter ahead for SMEs.

    The German government has carried forward its target for 100% renewable electricity by five years to 2035. It will be interesting to see what the new PM has to say about the roll-out of clean energy here in the UK.

    Q2 2022 – However, it is the invasion of Ukraine by Russia that has been the main driver of rising prices.  The war has forced European nations to consider and review how reliant they are on Russian energy with EU nations and the UK thinking about their renewable targets.

    Q1 2022 – Due to many geopolitical factors, we have seen massive fluctuations in prices since the start of the year. Additionally, the easing of COVID restrictions and people returning to work has also caused energy usage to rise.

    Content last updated 08/08/2022

    Click to expand

    Data sourced from Ofgem, ICE and Nordpool – last updated 08/08/2022

    Wholesale gas prices

    We are seeing prices triple compared to what businesses would have paid a few years ago and currently prices are still rising as you can see below. Act now and secure your business gas prices! Find out more about why business gas prices are rising.

    Q3 2022 – On July 25th Gazprom announced it was further cutting supplies through Nord Stream 1 (the pipeline, which accounts for more than a third of Russian natural gas exports to the European Union), shortly followed by an announcement from EU Energy Ministers agreeing to voluntarily reduce their demand for natural gas use by 15%.

    Despite annual prices rising to nearly 40% in the Eurozone and 57% in the UK reflecting the surge in wholesale gas and oil, the IMF has this week advised European governments to pass on rising energy costs to consumers. It argues this will encourage energy saving and a shift toward greener power. That may be a bitter pill to swallow for SMEs who are already concerned about how they will pay their gas bills this winter.

    Q2 2022 – The Russian invasion of Ukraine has had a detrimental effect on gas prices as Russia previously supplied 40% of Europe’s gas. The US has put a total ban on Russian gas, oil, and coal imports and the UK has called for Russian oil to be phased out by the end of the year.

    Q1 2022 – Gas prices were low at the start of the year due to record-breaking LNG deliveries and a milder winter causing a reduction in usage. Although the easing of COVID restrictions has increased usage as people returned to work.

    Content last updated 08/08/2022

    Click to expand

    Data sourced from Ofgem, ICE and Nordpool – last updated 08/08/2022

    Are you eligible for the Climate Change Levy?

    The climate change crisis is at the forefront of most people’s minds, including business owners and leaders. To reduce our impact on the environment, the UK government has introduced several environmental tax and relief schemes to encourage small, medium and large businesses to operate in a more environmentally conscious manner.

    The Climate Change Levy, along with the net zero carbon emissions scheme, are methods of encouraging businesses to improve their environmental footprint. But what is the Climate Change Levy and how does it affect your business?

    Recycling Symbol

    Faster Switching Is Here!

    Ofgem has introduced the regulatory project also known as faster switching, which allows energy consumers to switch suppliers easily, and within five working days, from the 18th July 2022!

    Here at Utility Bidder, we have updated our internal processes to support these new switching arrangements. If you are looking to compare business energy suppliers, get in touch with our energy experts today.

    Check out our faster switching guide for more information.

    Ofgem faster switching

    April's Energy Price Cap Explained

    From 1st April, the energy regulator, Ofgem, has announced that the energy price cap is rising to £1,971 from £1,277, an increase of £693 or 54%!

    Do you have questions about how this will affect you? You are in the right place; check out our guide and we’ll provide all answers to the most common questions about the energy price cap.

    Ofgem website

    The Energy Crisis Guide

    Energy and utility guides

    Frequently asked questions

    We are still seeing extreme fluctuations within the energy market and this doesn’t look like it will improve anytime soon. This have left many customers wondering, should I fix my energy prices until 2023?

    Wholesale energy prices over the last couple of months have hit record highs! Therefore securing your next energy contract now will help you save your business money.

    Delaying your business energy renewal could lead to a higher bill by some margin, avoid paying more by securing your next energy contract today. Current future estimate rates predict that wholesale prices could be near double what we are seeing at the moment, arranging your next contract is likely to save your business in the long run.

     

    Though national demand may begin to creep down as the warmer temperatures heat our homes and offices next summer – Ofgem has already reported that the domestic price cap will be raised in April. The price cap applies to your home energy but this reflects what is expected to happen to the energy market as a whole. It is very likely that prices will still be high in 180 days and our advice is to not risk it and secure your energy agreements as soon as possible.

    In one word, no! Natural gas prices remain at a record high as global economies start to recover from the COVID pandemic.

    In addition, pressure on gas supplies in Europe has seen much lower levels of stored gas than usual and China, in particular, is putting increasing demand on liquified natural gas. This means that higher energy bills are inevitable, we believe rates could rise by at least 20 – 50% which is why your business must act now

    If you work with an award-winning third party energy broker like Utility Bidder – yes you can. The energy market is changing and as we see suppliers ceasing trading on an unprecedented scale your choice of supplier is becoming more limited. However, thanks to our experience and relationships with many energy providers we are confident that we can still save your business money in the longer term.

    Over 15 energy companies have gone bust since autumn 2021. However, should your supplier go bust in the future, Ofgem, the energy regulator will move you to another provider. While that means your business won’t be without supply, it does mean you won’t be able to choose your provider and you could move to a more expensive tariff. That’s why it’s important to keep control of the process by working with Utility Bidder and proactively looking to lock in prices with a stable energy provider.

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