UNPRECEDENTED TIMES IN THE ENERGY MARKET

29th March

Following the gas price crisis in 2021 and the events in Ukraine, we have seen wholesale energy prices skyrocket to the extent that suppliers would no longer offer contracts in the first few days of March.

March’s wholesale gas price was almost 10 times higher than March 2021, demonstrating the volatility and unpredictability of the current commodities market and summarising the difficulty businesses now face to maintain margins.

One of the latest developments has seen Russia’s President Putin suggesting that his country’s gas exports should be paid for in Roubles to support his faltering national currency. Unsurprisingly, this resulted in another spike in the European market.

At Great Annual Savings Group (GAS), we are finding increasing numbers of businesses coming to us for advice when they need to engage with this unstable market. It is advisable to work with an expert to minimise cost increases and search for opportunities to offset the increases that are now unavoidable.

Waiting to see whether prices will drop is not a viable strategy for businesses, which do not benefit from the protection of a price cap, like the domestic energy market. We want to help Chamber Members by offering a FREE health check on your bills. Simply speak to Euan McGill today for a no-obligation discussion on your future energy strategy.

Euan McGill 0191 500 5678 or 07494 984 777 [email protected]

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