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Energy News Update

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Your Energy News…

Prices have risen steadily over the last month. This was partly a balancing reaction after the substantial price drops over winter. However, at the point we would have expected the downtrend to resume, geopolitical fears in the Middle East and Ukraine have seen prices continue to rise. Fears of conflict in the Red Sea impacting LNG imports have been present for months, but it appears the market is now taking them more seriously.

With gas storage levels at record highs for this time of year, and a steady supply of gas being received from Norway, it seems only further news of geopolitical unrest will prevent prices from resuming their downward trend. Commodity costs continue counter-intuitive movements – falling rapidly over winter and rising in spring.

This further evidence of market unpredictability and recent forecasts of rising non-commodity costs over the next 3 years suggests that contract rates may fall less than was previously anticipated.

Operators may wish to consider a range of contract terms when securing future supply contracts.

power and gas october 2024

On 5th April Ofgem announced their decision on non-domestic policy changes. The extension of meaningful support via the Energy Ombudsman from micro-businesses with less than 10 F/T staff or £2M turnover, to small businesses with less than 50 F/T staff or £6.5M turnover, bringing many more businesses in scope is to be welcomed. As is greater transparency on energy cost components including broker commission.

However, we know that many pubs continue to receive very poor customer service, excessive charges, inadequate responses to complaints, and are declined supply contracts due to the sector they are in, rather than business-specific reasons. Without clear direction to suppliers on addressing these issues many of the most damaging problems which prompted this review are unlikely to improve significantly.

The energy market in terms of both price and service continues to present many challenges to hospitality businesses. Nationwide Energy’s field consultants and renewals advisors can provide customer-focused advice, a market review, and updates on available prices.

Any customers struggling to pay current rates or who are at risk of default can contact our Billing Team for support and advice on their options.

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