News & Blog
News stories from the Chamber and related news are listed in the table below
Winter is coming!
4th September 2018
Fix your energy prices now
Although, it may not feel like the cold weather will be here anytime soon given the recent heatwave, winter is only a couple of months away so it’s time to think about fixing your energy contracts before prices increase in the colder months. Our market experts predict that prices this winter could be up to 3 times higher than they are today, so it’s important to act as soon as possible.
Why are energy prices forecast to increase?
Last winter, energy prices were 5 times higher than the average winter price as we were struck by the Beast from the East - brr! The pesky Beast caused gas storage to deplete at an alarming rate which caused energy prices to spike. As a result European gas storage levels are currently 30 TWh below last year’s levels. To put this into perspective...this is almost 20 times the amount of gas that the UK is using today, which is why prices are likely to increase this winter.
What should you do?
Our immediate advice is to switch to a fixed price contract to avoid getting hit with any future price rises. Fixed price contracts fix your energy unit price at the rate you agree them today. You can arrange this contract within 12 months of your current contract end date and prices can be fixed for up to 5 years…great eh!
We aren’t making this up...
Back in April 2018, our energy experts advised businesses to fix their October 2018 contract starts immediately for 24 months. Business that followed our advice saved themselves 23% on their wholesale gas cost and 18% on their wholesale electricity cost!
Not bad for a quick contract switch, eh?