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The market recovered from increases last week however, falling LNG supply and bullish moves across the wider energy complex combined to lift gas prices on Wednesday. (Data from National Gas shows that LNG send out fell by around 25% day-on-day. As a result, the British system was undersupplied throughout the gas day).
Whilst the movement trend has changed from February the market is tracking ok now and trending overall light decreases over 7-day periods, however, where there are now LNG shortages it is causing mini-spikes. As such, the growing Asian demand is still a risk although the Uk’s demand will be decreasing as we head towards warmer temperatures.
According to new data from Imperial College London, Britain generated a record amount of renewable electricity in 2022. However, the rising cost of gas led wholesale power prices to almost double year-on-year.
Renewable power sources – wind, solar, biomass and hydro – generated 40% of the country’s electricity in 2022 – up from 35% in 2021.
This helped to cut carbon dioxide (CO₂) emissions from the power sector by 2.7 million tonnes compared to the previous year. Overall, generation from renewables has more than quadrupled over the last decade.
Record Wind Generation in the new year helped to decrease our wholesale market with wind also assisting in keeping it down currently. It is currently forecast that it will be around 2027-2028, with further renewable transition, that prices will be back to how they were pre-covid/war. We can help you to track the market and renew short term to help chip costs down.
Quality Care Group can obtain certificated 100% green energy and gas should you wish to contribute towards the carbon goals.
From April 2023, National Grid will publish BSUoS rates in advance, releasing fixed rates at the start of each year that last for specified periods. This means that electricity suppliers should now charge actual BSUoS rates and shouldn't need to reconcile costs. You do not need to do anything.
For those who have contracts that fix the cost of BSUoS, there should not be any changes to this charge on your bills. However, those that have the BSUoS cost passed through you may stop getting an estimated BSUoS cost as the year goes on. Instead, from April, you will know that the BSUoS charge on the bill is an actual cost – meaning there’ll be no nasty surprises for you at the end of the year.
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 various 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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