July 2023 Newsletter from Nationwide Energy
Here’s What Happened In July…
As we bask in the glow of the summer sun and cheer on the exhilarating Women’s World Cup, we are thrilled to share that the energy market is showing promising signs of improvement, setting a brighter tone for the days ahead.
While we hesitate to label the current energy market as “stable” the very high level of gas reserves has contributed to much lower commodity costs that we’ve seen over the last 12 months.
However, as winter approaches, the sustainability of these reserves is unknown, particularly in the face of potential cold snaps and geopolitical events that may impact energy security. With this in mind, we strongly advise those of you with energy contracts expiring before April 2024 to consider exploring options. Our dedicated consultants are eager to assist you in finding the best solution for your energy needs.
For a more comprehensive understanding of the current energy landscape, we encourage you to peruse the detailed explanation provided in the section at the bottom of this newsletter.
In other exciting news, we are delighted to introduce two valuable additions to our Nationwide Energy team. Please join us in welcoming Mark McCormack, an experienced energy consultant who will be focusing on the Scotland region. And Emma Loakes, who returns as a renewal’s advisor. Their wealth of expertise and customer-centric approach align perfectly with our commitment to delivering top-notch service.
If you seek guidance on energy consumption reduction or wish to explore the best options in today’s market, Mark and Emma are ready to assist you.
Mark McCormack (Scotland):
Tel – 07964902365
Email – mark.mccormack@nationwide-energy.co.uk
Emma Loakes (Renewals Team):
Tel – 02476328995 Opt 1
Email – emma.loakes@nationwide-energy.co.uk
As your trusted energy partner, we believe in keeping you informed about crucial developments that may impact your business. One such development on the horizon is the impending switch-off of the legacy telephone system by 2025. This transition will significantly affect businesses that rely on fast Internet and customer-facing telephone numbers. To ensure your business is well-prepared, our team is ready to help you make a seamless transition to reliable fibre solutions.
Whether you seek to enhance your existing fibre setup or need assistance migrating from a BT socket to a router, we are here to guide you through the process.
As always, if you have any questions, concerns, or require personalised assistance, don’t hesitate to reach out to us. We are dedicated to helping you navigate through the energy landscape and make informed decisions for your business’s success.
Warmest regards,
James Willis
Nationwide Energy Team
Tel: 02476 328995
PSTN Switch Off
Don’t forget, as of September 2023, businesses who use the PSTN communication lines will no longer have access to new lines. Not only that, they won’t have any support for their existing lines.
With businesses increasingly aware of the switch off, and an increase in requests for upgrades this is lengthening waiting times as Openreach are dealing with demand.
The rising concern is that too many businesses will wait until the last minute to sort their own, but this will inevitably cause unnecessary downtime as they wait on engineer availability.
Our advice to you? Avoid any risk by upgrading to fibre now.
NEW Energy Consultant for Scotland
Our Scottish businesses have worked alongside Gordon Hughes for 10 years, so when he moved onto pastures new, it was big shoes to fill. Luckily we found the incredible Mark McCormack who has joined our team and will oversee Scotland.
With a background in sales & energy, Mark has brought a wealth of knowledge and experience to the role and is keen to get to know each customer personally.
Get in touch with Mark direct to book in for a call or a coffee.
July: Energy Update
As you can see in the attached graph, the cost of electricity & gas was rising rapidly 12 months ago. While commodity costs are much lower than in August ’22 they remain much higher than pre-Covid. The market is more stable as Europe currently has larger reserves of gas, providing energy security.
As we move toward the colder months, these gas reserves will be under more pressure and the need to continue to get fresh gas supplies will make the market more volatile.
We’ve already seen a lot of extreme weather this year and an early onset of cold weather or a very cold winter will cause prices to spike. Any customer who has a renewal as far out as April 2024, should explore their options now, while prices are low.
Customers who are in their renewal period may find that in some quotations, standing charges are much higher, though the unit rate may be better. Higher standing charges guarantee suppliers a larger proportion of their income regardless of consumption. The wide variation in standing charges and unit rates disadvantage customers when comparing costs. It’s important to ensure that contract offers are presented in a clear and consistent fashion.
Nationwide Energy’s renewals advisors are able to provide a market review:
02476 328995
info@nationwide-energy.co.uk
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