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Your April Energy Update

nationwide energy

Please find your April Energy Update.

Prices have made only modest movements over the last month. Within the range of commodity costs spanning the next 2 years, prices through spring & summer continue to show modest reductions, while prices from autumn ‘23 onward are increasing.

Back in March we noted that commodity costs were around 13p for electricity & 4p for gas. In the last weeks of the Energy Bill Relief Scheme, the government calculated that prices were lowest in the week beginning 20th March 2023, with wholesale costs of 10.7p & 3.4p, last week they were 11p & 3.6p.

Given energy suppliers are slow to pass on savings but quick to increase rates, we are already seeing an upward trend in contract costs. Currently the best electricity & gas rates are circa 28p & 7p. Unfortunately, it can be very difficult for customers to access these prices with blanket bans on hospitality from EON & SSE refusing to accept companies who have been trading for less than 2 years, and with a raft of hurdles across other suppliers, many operators may find they may have only one or two options available.

As we enter into the Energy Bill Discount Scheme, with its dramatically lower support to businesses, we have found that many customers are holding off on decisions on their energy, on the hope that greater support is coming. To date, it has not and we believe it improbable that the government will now offer more support. As a consequence we may be at a low point in energy costs and customers who delay decisions may find themselves being quoted higher rates over the coming months.

Many partners, and trade bodies, along with ourselves have made strong representations to OFGEM of the urgent need for suppliers to offer revised contracts to the large number of businesses paying unsustainable rates. We have also spoken to supplier partners about the importance of bringing forward measures to reduce costs now through “blend & extend” contracts, to date none have. Consequently the trade faces the near term failure of a large number of businesses. The key focus for suppliers appears to be additional scrutiny on CoT’s to ensure that they are not simply attempts to exit existing very costly contracts. It’s unfortunate that they put their focus on scrutinising failing business rather than proactively offering support to avoid those same failures.

As always our field and renewals teams are available to consult with customers to identify their options. Please get in touch if you need support or have any questions.

For more information or advice, contact our team.

02476328995
info@nationwide-energy.co.uk


free energy saving guides

We have compiled a list of some of the best and most effective energy-saving tips for pubs, clubs, restaurants and bars, which are proven to reduce energy usage.

You may think you are doing everything to save on your energy bills, but why take that risk? Set some time aside to walk round your premise with our self-assessment guide and implement some changes.

There may be thousands to be saved.

energy guides


Did You Know…

We also offer a range of Merchant Services such as EPOS, card machines & business broadband to streamline your business.

Don’t pay more than you have to.

Get in touch with our team today for a bespoke quote.

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