What to do with your business energy contract #UKENERGY

On Sunday 13th March 2022, James Coney, a journalist at The Times published an energy tariff test in which he very aptly describes the dilemma many are finding themselves in regarding their energy bills and knowing what steps to take next.

James said: “Question1. Geoff’s energy supplier says that the cost of using electricity and gas is about to go up.
He pays 20.68p for every kWh of electricity he uses and 4.169p for gas on a variable rate tariff. He also pays a daily standing charge of 24.112p for electricity and 26.123p for gas.

Next month he will start paying 28.455p per kWh of electricity and 7.479p for gas, and the standing charges will be 43.397p a day for electricity and 27.219p for gas.

How much has Geoff’s annual energy bill increased by to the nearest penny? (4 marks)”

In the following 2 questions James highlights a scenario that so many are accustomed to, and when they contact their supplier for a statement find themselves being offered a 1 year fixed rate (v11) tariff. However, when he tries to take the tariff, it is sold out but another more expensive offer (v12) is available but now it is a variable contract.

This example is from a real bill sent by an energy supplier, although this is most likely a domestic bill, the similarity is strikingly familiar as many businesses are currently wondering whether to stick or twist.

Due to the unprecedented situation in global energy markets today, energy suppliers are naturally cautious and do not want to give out anything that can be misconstrued as advice, but this doesn’t help consumers trying to make informed decisions.

Prices are rising, times are getting tougher and GET Solutions are here to help businesses understand their unique situation and provide honest information and guidance on how they can reduce their reliance on grid supplied energies and shield themselves from volatile energy markets.

There has never been a better time to protect your business and become independent of grid energy. To find out how to secure your energy prices, lower carbon emissions and gain energy independence, contact us on Tel. 024 76630 8830 or email @ sales@getsolutions.co.uk

Click here to read the post from James Coney @ The Times.

UK Gas & Power fundamentals currently look good #UKENERGY

While geopolitical uncertainty heaps pressure on already volatile energy markets, UK gas and power fundamentals are currently looking pretty good, as they have been since the start of the year. Storage holding for the UK is strong, we have plenty of LNG shipments and there is a good deal of renewable generation which along with mild temperatures is helping the UK energy market.

However, the UK market is vulnerable to geopolitical issues, and we have witnessed pre-invasion prices of gas jump from 160 – 200ppt to 224-321ppt and this is while Russian gas is flowing, if the flow of oil and gas stops, prices will increase putting more pressure on inflation which no-one wants. Additionally, if gas and oil prices soar, electricity is sure to follow as 44% of the UKs electricity is currently generated using gas.

The UK does not get gas directly from Russia and only imports about 6% of its oil from there. Kwasi Kwarteng, the UK business secretary has said “The situation we are facing is a price issue, not a security of supply issue”.  Most of UK gas is sourced from the North Sea and the bulk of imports come from Norway. “Put simply, we have lots of gas from highly diverse and secure sources, but it is very expensive,” Kwarteng said.

There has never been a better time to protect your business and become independent of grid energy. To find out how to secure your energy prices, lower carbon emissions and gain energy independence, contact us on Tel. 024 76630 8830 or email @ sales@getsolutions.co.uk