Your Energy Market Update
The commodity cost of electricity and gas has remained fairly stable for several months now.
While last summer experienced a massive price spike and dropped over the winter this is due to specific factors generally around the Russia – Ukraine war and the large scale boycotting of Russian oil & gas.
In the last 2 weeks we have seen short-term energy costs rise modestly while longer term prices have fallen.
These varying price movements reflect issues around gas production in Norwegian & UK waters, though these concerns are lessened by European gas reserves which are close to full. In the absence of any significant events we can expect prices to continue to be fairly stable.
However, as we move toward the colder months and gas consumption increases, the reassurance provided by existing reserves will lessen as that volume of gas lasts for a much shorter period than it does in summer.
Consequently the need to continue to buy additional gas on the global market is critical and any risk to that security will have a greater impact on prices. Given that prices are not expected to fall until 2025 a 2 year contract with its longer price security may be worth considering.
As a result any customer who’s electricity or gas contract ends over the winter season is strongly advised to explore their opportunities in August or September. Our Renewals & Field Consultant teams are available to give you a market review and discuss your options.
Get in touch via the below:
Call: 024 7632 8995
Customer WIN: The Gunn Inn, Worthing
“Kay @ Nationwide Energy Saved My Business £30,000
In December 2021, British Gas Business (BGB) “re-billed” my account and sent me a bill for £28,000. I was shocked by this, as I always paid my bills and had no idea that there was a problem. At this point I asked my broker Nationwide Energy Consultants for assistance. Kay Burridge, their Billing & Metering Manager, looked over the invoices and raised a query to BGB. Despite Kay repeatedly chasing them, BGB only responded in August 2022 to confirm that a balance of £29,825.48 was due.
Kay checked BGB’s calculations and said they weren’t correct, as BGB wouldn’t accept this. Kay helped me raise this with the Ombudsman. This was completed in early September. The Ombudsman investigated the account and took into consideration my complaint and the information provided by BGB. The Ombudsman was satisfied that BGB had made mistakes as far back as 2016 and asked them to make changes going back 6 years.
BGB received the Ombudsman decision and initially they removed £5,834.04 which they believed resolved the complaint. Kay explained to them that this wasn’t sufficient and they needed to fully comply with the Ombudsman instructions. BGB then rebilled my account as instructed and given the problems they had reconciling my usage over the 6 years wiped the balance off. On 27th April it was confirmed that the balance was zero, nearly 18 months after this was first raised with BGB.
The last 18 months has been a long and very stressful time. Without the support and determination from Kay and Nationwide Energy, I would still be trying to pay off this £30,000 debt on top of dealing with all the other cost pressures on my business. I can’t thank Kay enough for her support and determination to get this fantastic result. She’s lifted a huge weight from my shoulders!”
Sally Harris, The Gun Inn, Worthing
“Could not recommend Nationwide’s Jason Cross more! This man really knows his stuff.
Worked hard to get us the best deals possible for our broadband, till services, utilities and ongoing support. He has taken a load off, leaving us feel far more confident moving forward in this current climate.”
– Maddie O’Shea
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