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The market has been creeping up over the last few weeks

This has been due to a change in the supply dynamic in the UK (over supply over winter to under supply now) coupled with fairly bullish oil and particularly carbon markets. This hasn’t been too much of a concern as it should have corrected once warmer came through due to less demand for example.

However, on top of this now there is the serious threat of price increases from the escalation in the Middle East. Should Israel retaliate it is likely they will target Iran’s utility infrastructure and/or ports (export).

Red flag

Iran have the third largest oil reserves and the second largest gas reserves globally.  The concern is enough to push the market up. If further escalation occurs it will likely spike the market fairly rapidly, similar to the trend you can see below regards Russia but perhaps not as severe. You can see the lead up at the start of the war – the massive increase was when Russian supply was effectively cut off, including the Nordstream pipeline.

Unfortunately, we don’t know the developments and as to how far this will go, and for how long

However, our energy analysts think we should get prepared for this and try and stay at the front of this potential curve, and whilst the market is still fairly low in the scheme of things. This is particularly important if you have signed a contract in the last 2 years. On renewal you will be able to make significant savings on your energy as it stands. But you might not be aware of this. Timing is key. If left too late and the market increases this will start eating into your saving potential.

We can tender for supplies

We can share offers so you can see how things stand (We can obtain offers in as little as 24 hours. We just need a full invoice copy). You can then be in a position to secure the rates prior to further increases, or to react quickly in due course with a refresh. If it de-escalates then we can hold fire to see how the market moves from there.

The rates can be locked at any point now to begin when your current agreements end

Get in touch

Contact our Business Efficiency Team, on 01273 424904.

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