We are now emerging from the winter months where energy prices have been at a peak. As we move into spring / summer we would usually expect to see a slight easing on pricing as consumption reduces in the warmer months. However, with continual volatility surrounding "Brexit" and the political situation in the US (which has an impact on the price of oil) energy traders are predicting that the wholesale energy market is likely to be unpredictable for the next two years. Volatility in the energy market will make it more and more difficult to pin point when the best time to buy energy is and how to achieve the cheapest rates.
This, coupled with the ever increasing cost of the non-commodity elements of your electricity bill, suggests an overall increase in the price of your energy supply in the future. As an example, market analysts at the energyst explain that this year, non-energy costs are likely to make up 55% of the total electricity bill, rising to around 65% by 2020.
For these reasons there is an ever increasing need for businesses to understand energy consumption and billing and we recommend that business owners invest time to fully understand and budget for any bill increases relating to Government policy. We also urge business owners and decision makers to adopt energy efficiency measures as, going forward, this will be the best way to influence the price that you pay for your energy supply.
If you are interested in finding out more about government legislation, market volatility, efficiency measures or any other aspect of your energy supply, please get in touch with one of our experts on 03330 433233.