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The wholesale market has increased by around 10% since early April however this has mainly been weather driven, with below average temperatures increasing demand. It is worth noting that there is a planned union strike on the 24th to 26th by Unite at key offshore UKCS infrastructure assets which has also affected the market on announcement, although increases have been capped by strong wind power generation. Now, the trend is relatively minor fluctuations.
Important: Due to the strike action, if your contract is due to finish by the end of June, we would recommend to secure rates now prior to the potential disruption of the strike and the time it may take for the market to recover.
The government has introduced a “Super Deduction Tax” to encourage businesses to invest back into machinery and technology that will help productivity and sustainability. Companies can claim up to 130% of their Capital Allowances back from the government on qualifying investments. Solar PV and EV charge points are both on the list of qualifying investments.
The latest data from National Grid ESO (NGESO) has shown that 47% of the UK’s electricity was generated by zero carbon sources in March 2023.
NGESO confirmed that the highest zero carbon mix percentage for a single half-hour settlement period in March was 83.46% on 13 March at 03:00 (during the 02:30-03:00 settlement period).
The UK also achieved 213 consecutive hours of generation without coal in March, a promising increase from 73 consecutive hours in February 2023.
In March, 47% of generation came from zero carbon sources. We also set a record for the percentage of wind on the system at 67.4% on 13 March.
Coal contributed just 0.5% to our mix, with 213 consecutive coal free hours achieved, a huge reduction from 13.6% coal in March 2018.
As renewable transition continues to increase it will help push the wholesale market down over time and therefore your energy costs.
Please feel free to contact our Business Efficiency Team, on 01273 424904. So, we can provide you with recommendations around reducing your energy costs.
Information provided on energy prices is subject to constant change and is influenced by numerous factors, such as supply and demand, market conditions, geopolitical events, and weather patterns. As such, any information or analysis provided on energy prices is intended for general informational purposes only and should not be relied upon as a sole source of information or as a substitute for professional advice.
While we strive to provide accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or reliability of the information provided. Any reliance on such information is at your own risk, and we shall not be held responsible for any loss or damage resulting from the use of such information.
Additionally, please be aware that energy prices can fluctuate rapidly and can be affected by unforeseen events. Therefore, any information provided on energy prices may be subject to change without notice.
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