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There has been some volatility over the last 7 days amongst tight supply fundamentals as previously mentioned including British Supply export increasing by 30% through the UK-EU Interconnector, falling wind generation and cooler temperatures – with prices supported by OPEC+ announcement of oil cuts from May, of which Russia is an ally. "OPEC is taking pre-emptive steps in case of any possible demand reduction," The demand reduction coming potentially from a global banking crisis, although this has been downplayed.
However, it has recovered today on the expectation of rising temperatures cancelling out gains from yesterday. A change to the recent consistent decrease trend since the new year, nevertheless.
Electricity Rates are around 32 p/kwh now and Gas 7 p/kwh. Reducing from 95 p/kwh and 25 p/kwh at Peak in August last year.
At the beginning of this year, the government announced that the Energy Bills Discount Scheme (EBDS) will replace the Energy Bill Relief Scheme (EBRS) from 1 April 2023, and will run for 12 months.
The baseline discount will provide an energy discount for eligible non-domestic customers in Great Britain, and this will be applied automatically to invoices.
More information around this can be found on the government's website.
At Quality Care Group, we can help you choose the right contract, supplier and to secure rates at the right time so that you are not caught out by these charges and assist in keeping your costs as low as possible.
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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