At Fox Energy we understand that this is likely to be a very challenging time for businesses…
Suppliers may offer part payment or deferral options on current utility bills during this period. It is important to endeavour to contact them to discuss the options. Any cancelled direct debits will enforce collection activity leading to a possible disconnection process.
As world stays at home, forever cleaning hands and juggling work and family life, the price of oil and gas has plummeted due to decimated demand and overproduction. Coupled with very strong renewable output and lack of storage space there is unlikely to be a better time to take a future position on commercial utilities.
On one side, the gas markets achieved the lowest wholesale costs seen for a decade. Electric on the flip side is on the up, despite wholesale market prices declining – this is mainly due to impact of ever increasing Third Party Charges (TPCs) which include operator costs and government scheme costs such as Feed in Tariffs (FiT), Renewables Obligations (RO), Electricity Market Reform (EMR) and ‘green’ charges such as Climate Change Levy (CCL). To put that into perspective, TPCs currently make up approximately 65% of total electricity costs and as we move towards a greener and decentralised energy supply these will only increase year on year.
Now is the optimum period to look to renew and take future positions on current and future business energy renewals to help reduce the impact of the Covid 19 epidemic to your business moving forwards.
For help with managing payments or renewals, we are here to help.