Energy market prices are at a record high, presenting a major risk to corporate bottom lines. Alex Biggerstaff, Risk Manager at BiU explains what’s going on and offers some tips for trading in this volatile market. What’s causing energy prices to rise? Around 50% of our electricity comes from gas-fired power stations, so the gas shortage is hitting the market hard. The reasons behind the supply issues are complex: wind… Read More »What’s going on with energy prices? And how can businesses protect themselves?
This week wholesale energy prices hit a record high, going over £100 per megawatt hour of energy. If you’re a UK business, energy market volatility has serious consequences for your bottom line. Most high-volume corporate energy users without a robust energy strategy are now facing a 30% increase in energy costs.
The latest data from the Department for Business, Energy and Industrial Strategy (BEIS) shows that while dealing with the onset of the pandemic in the first half of 2020, UK businesses also faced higher electricity costs compared with the same period last year.