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    Business Insights

    Welcome to the UB Insights

    Take advantage of our expert advice and acumen with our UB Insights series. Here you will find expert analysis of the Business Energy Market, guidance on how to get the most of your supplier and an in-depth breakdown on how to save your business money.

    Wholesale electricity prices

    Current electricity prices are surging across Europe to all-time highs for consumers, suppliers and brokers. Electricity prices are currently more than double what they were at the start of the year and are forecasted to increase. The UK infrastructure in place to supply electricity across the nation has had a massive hit, earlier this year there were a number of power stations closed for maintenance, combined with the damages in Kent where electricity imports are currently halted, has led to forecast estimates showing electricity prices will continue to rise.

    Data sourced from Ofgem & last updated 26/10/21

    Wholesale gas prices

    Gas storage levels in Europe are currently far below the 5-year average, meaning that supplies this winter will be short, and prices will be harsh. Gas prices this year are more than four times higher than what they were last year; this is down to simple supply-and-demand being out of balance. Gas supplies from Russia have been lower than expected and there is greater competition from Asia for LNG, combined with the fact that more electricity demand is being met with gas-generated electricity means that gas prices are rocketing right now. Now you may have heard about the Ofgem price cap and how it will prevent customers from paying over a certain amount, however, this only applies to domestic consumers suggesting that commercial consumers will take a large brunt of gas price rises.

    Data sourced from Ofgem & last updated 26/10/21

    Frequently asked questions

    The UK storage supply of gas has been low all year will not be replenished before 2022. The impact of the damages to the National Grid in Kent will likely be felt for a long time and it is unlikely we will see any reduction in price before the warmer temperatures roll in next year and demand eases.

    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 a word no! Natural gas prices remain at a record high as global economies start to recover from the Covid crisis. 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 and expert like Utility Bidder – yes you can. The energy market is changing and as we see suppliers go bust 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.

    At the time of writing, over 15 energy companies have gone bust. 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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