October 2024 Newsletter from Nationwide Energy
Welcome to your October Edition of the Nationwide Energy Consultants Newsletter!
As your trusted energy advisers, we are committed to keeping you informed about the latest trends, insights, and news in the industry. Here to support you in making the best energy & merchant services decisions for your business.
A Message From Our Operations Director, Gerry O’Hara
“While energy costs are no longer the main cost pressure for our customers, other challenges with energy and energy suppliers continue. Suppliers delay changes of tenancy (CoT’s) by demanding more and more documents, frustrating customer’s attempts to get contracts in place. EDF is refusing to do CoT’s without a solicitor’s letter adding further time and financial pressure to customers.
This has led to us raising with OFGEM the conduct of suppliers and the Energy Ombudsman who is allowing this to continue despite repeated customer complaints. As always our field and office teams continue to support our customers with these challenges.
As we enter the colder months, energy consumption and costs will rise. It’s a good time to check your energy use, please refer to our energy saving guides to take a fresh look at how and when you are using energy.”
If you require any help or guidance, get in touch:
Call: 024 7632 8995
Building Strong Teams, One Strike At A Time
At Nationwide, we believe that a strong team is the foundation of great service. Last week, our team enjoyed a fun and energising night of ten-pin bowling together. These moments remind us of how important it is to not only work hard but also to take the time to connect outside the office.
Spending time together in a relaxed setting strengthens our relationships, encourages collaboration, and helps us stay focused on delivering the best service to you. It’s these bonds that fuel our teamwork and make us a stronger, more efficient company.
We look forward to applying that energy as we continue to support your business!
Your Energy Update
The commodity cost trend remains downwards. The recent uptick is a reaction to forecast for colder weather in north-west Europe and to escalations in the Middle East conflict. Assuming there is no substantial escalation in either the Middle East or Ukraine, we expect prices to lower.
European gas storage is over 93% full, though the figure across countries varies. The UK’s reserves are currently 80% full. There are no significant risks to LNG supplies, however countries such as Egypt and Indonesia have shown greater demand tightening global supplies.
Contract costs are also evidencing a downward trend. The increase in electricity price highlights that some operators are still paying significantly more, typically due to the lack of options due to their credit position. Suppliers continue to add a significant premium to prices, highlighted by gas contract rates being double the commodity cost, while non-commodity costs a less than 1p. Currently gas rates vary between 4.1 – 6.9ppkW.
Other supplier actions need to be highlighted:
* EDF are asking for a solicitors letter to confirm CoT’s. We have been told that this is to be applied where there is large debt. However, the scale is unqualified, and it appears that it is requested on every occasion. More frustratingly, EDF often only ask for it after they have received other documents such as land registry etc. They are refusing to do the CoT without it, meaning the ingoing tenant remains on deemed rates, significantly increasing their costs.
* A number of suppliers are unwilling to appropriately compensate customers for extended periods on deemed rates, offering a £50 goodwill gesture, leaving the customer with £100’s or £1,000’s in additional costs.
* Regrettably, recent experience with the Energy Ombudsman shows them as less willing to decide against suppliers. Giving them unfettered scope to request any document and will previously they would have ordered suppliers to apply contract rates, they are no longer willing to do so.
Our staff continue to work with our partners and customers to achieve positive outcomes in a very challenging context.
Operators with contracts due to renew in the next six months are recommended to review their options now. The variation in suppliers T&C’s is a consideration to ensure customers select the most suitable contracts. Nationwide Energy’s field consultants and renewals advisers can explain the key features of different supplier contracts alongside a market review, and updates on available prices.
Any customers struggling to pay current rates or are at risk of default can contact our Billing Team for support and advice on their options.
Please contact us on:
Tel: 02476 328995
Email: info@nationwide-energy.co.uk
Spotlight On: The Raven Inn, Poulshot
“As part of my role, I don’t just assist publicans and business owners with their energy needs. I also help manage key services like EPOS systems, internet connectivity, and card payment machines.
Recently, I had the pleasure of supporting Lou and Martin at The Raven Inn in Poulshot. Their energy contracts have now been successfully activated, and all additional services are fully operational through our team.
I first met Lou and Martin several weeks before they took over the pub, visiting them at their home to discuss their vision and how they intended to run the business. Understanding their goals allowed me to tailor the best solutions for their needs.
During my follow up visit, it was great to see the pub thriving, with a full car park and a bustling lunch service. Lou and Martin appreciated the follow-up, and we reviewed the systems to ensure they were functioning optimally and meeting their expectations.
It’s incredibly rewarding to have played a part in setting up what is now a busy and successful pub. The Raven Inn has been fully booked over the last few nights, and I’m proud to have contributed to their journey and success.”
-Rowan, Energy Consultant
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