Cold snap could push business electricity prices up again

February 8, 2012 Leave a comment

The severe cold snap across Europe, which has pushed gas prices to their highest level for five years, is proof that business electricity prices  will remain volatile, according to the Energy Advice Line.

Julian Morgan, managing director of the UK’s leading business electricity price comparison  and switching service (Energy Advice Line), said although energy suppliers had recently cut their prices, firms would be wise to search for good deals now if their fixed-term contracts were ending.

Mr Morgan said there were fears that the unexpectedly harsh European cold snap would push gas and business electricity prices back up sooner than expected. Wholesale UK gas prices have jumped by 50% since the beginning of the cold snap to reach their highest level since 2006.

“To remain in control of their energy bills and to keep them as low as possible, businesses need to be vigilant and should not expect the lower business electricity  prices announced by the Big Six earlier this year to last,” Mr Morgan said.

“If your fixed-term contract is coming up for renewal it is now more important than ever to compare the market and investigate the best business electricity rates available. It may be wise for firms to lock in good deals now.

“Businesses can do this up to 120 days before the end of their fixed-term contracts.”

With more people forced to use more gas to heat their homes during the bitterly cold weather, and with Europe’s major gas supply from Russia not being as high as usual, some countries such as Italy, Greece and Australia have suffered fuel shortages.

Energy analysts say there is still sufficient gas in the UK, but if higher prices continued these could feed through to domestic and business electricity users eventually.

“If wholesale prices rise faster than expected, it’s obvious retail prices will rise faster than expected too,” he said. “But it’s not easy to predict whether prices are back up for long,” according to Stephen Fitzpatrick, chief executive of Ovo Energy.

Tom Pering, an analyst at energy consultancy Inenco, said gas prices had spiked even higher in the current cold snap because energy traders were worried that British supplies were dependent on a major Norwegian pipeline.

Any disruption to this supply could have serious consequences at a time when the weather is bad across Europe.

“It’s difficult to say whether the high prices will continue as the weather is uncertain,” he said. “We think there is a risk premium being built in to the price, even though something hasn’t happened. We need strong flows from Norway. If that was to have a disruption, things would be more difficult.”

Energy regulator Ofgem has urged all businesses to shop around for the best available business gas  and business electricity prices.

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U-GET Energy Bill Review Process

February 2, 2012 Leave a comment
  • Too busy to review and manage your energy bill?
  • Don’t understand your energy bill and know which quote(s) are best for you?
  • Or simply do nothing currently?

Learn how simple it is to get your business energy bill reviewed by U-GET. Let us check you current contract situation, then quote new rates for you. After that you decide which tariff to go with and let us setup the contract for you.

It’s that straightforward.

Watch my video explanation.

Domestic Energy Renewal Catch

January 25, 2012 Leave a comment

Switching energy providers should save you £££’s. In fact, only last week, on ‘Rip-Off Britain‘, they claimed that if we all switched, then UK homes could save around £3bn!!! That’s quite a saving and yet many people still don’t do this. This same also applies to businesses.

Although we could save by switching, there is one slight catch. Typical I hear you cry!

Domestically, if you are in a 1 year fixed contract, you will receive your renewal letter (informing you that your tariff is coming to an end) approximately 4 weeks before the end date (renewal date). The 4 weeks prior, notice letter, is in effect your ‘Termination’ notice and is standard (or should be).

Now you have 3 possible options:

  1. Do Nothing – which means that you’ll automatically roll onto the quoted rates in your renewal letter, which will be higher than any fixed rates. They will also be subject to market changes (up & down).
  2. Stay with your current supplier and arrange a better deal than the one they initial quoted (probably a fixed term/price tariff).
  3. Compare & switch using a comparison site (or do it all yourself).

As this article is entitled ‘Renewal Catch’, I’ll focus on point 3.

So you receive your renewal letter 4 weeks before the end date. You hit that computer for a comparison site, find a good deal and proceed to switch. Excellent…well, not quite.

You see, you now assume that come the end date, your new rates will automatically take effect then. In the UK, it takes between 4-6 weeks for the authorities to switch over from one supplier to another. You’ve probably seen the problem. There could be 2 weeks whereby, well…what happens? What rates do I pay?

The truth is, that if you switch right away, it may take 6 weeks for it to go through, in which time for those extra 2 weeks, you would have been paying ‘out of contract standard rates’ which are higher than fixed and subject to market changes.

So what should you do? As it takes an age to switch in the UK domestic market, I suggest that you keep track of your end date, by placing a reminder in your diary, computer calendar, mobile…etc, for somewhere in the region of 6-8 weeks prior to your end date. This way, you shouldn’t get caught in this corridor of uncertainty and end up paying those unforseen higher rates.

To compare your rates, use our comparison site (Tip: do find out your annual consumption and use this figure, not monthly spend)

For your free business energy quote & switch, contact U-GET Consultancy Services

Cheque Users Losing out on Energy Bills

November 25, 2011 Leave a comment

New research by Which? Money has found that customers paying their energy bills by cheque could be paying almost £100 more on average over a year than paying by direct debit. The research looked at the standard annual duel-fuel tariffs available across the six biggest energy companies  – British Gas, EDF, Eon, Npower, Scottish Power and SSE. The difference in price between paying by quarterly cash and cheque and monthly direct debit came to an average of £98.60 over the course of a year. In order to get the UK-wide average price, annual costs were obtained for each region of the country with an average taken from each.Cheque users missing out Research by charity Age UK shows that use of direct debits to pay utility bills decreases directly with age, particularly among the over 70s. Many younger consumers, especially those in low-income households, also feel that direct debit gives them less control than other payment methods. Energy companies normally offer a discount to people who pay by direct debit as it guarantees payment to them and makes the account easier and cheaper to manage. Some companies do offer prompt payment discounts if you pay by cash and cheque on time, though these won’t be as high as the ongoing discounts given to direct debit customers. Which? researcher Alex Kouzarides commented: ‘While it may suit the energy suppliers to manage direct debit accounts, many people still prefer more traditional methods or simply have no choice in their circumstances. It’s vital that utilities companies develop fair and inclusive systems that ensure all consumers are given a fair deal.’ The full article entitled ‘Time to cheque out?’ features in the December issue of Which? Money magazine.

Winter Approaching, Higher Energy Prices – Take Action!

October 21, 2011 Leave a comment

With the British weather having hit it’s cold spell now and the first steps to a cold winter, you should be checking your energy rates.

Our heating is most likely to have been turned on & turned up recently. How long will it to remain on? Several months, no doubt. What if winter really is bitterly cold this year! Imagine the cost of your bills; far higher than last year.

Although you can take certain actions to to improve your energy/heating efficiency, which often comes at a cost, this does not account for all options in reducing your energy bills. You still use electricity and/or gas, so shouldn’t you start by making sure you are paying the lowest rates possible? I know I would.

Domestically, check out your energy rates on our comparison site: http://domestic.u-getconsultancy.co.uk

Commercially, we can attain quotes for you. Check out our website and contact us today: http://www.u-getconsultancy.co.uk

Save today, don’t waste your cash, get the lowest energy rates possible. Fix those rates and help with your budgeting.

Contact U-GET Today

Energy Bill Rates Check – We help you to pay less

Ever picked up the paper or listened to the news and heard them talk about how Mr & Mrs. Jones were overcharged £1000 for the gas and electricity? It happens quite often!

There may well be a certain ‘spin’ on it by the media, but customers are paying more than they could be, if they only took the time to review their bills. This is the problem though, they don’t always have the time, they can’t get their head around the bill and consequently, neglect it, thereby paying higher rates.

We’ve all been there haven’t we? We receive our utility or insurance bill and fling it to one side. If you do this with an energy bill, you will miss the cut off notification date and they’ll simply roll you onto that higher rate tariff, which you cannot get out of. Not until the next renewal date.

Mr & Mrs Jones may be paying £1000 more than they need to, because they didn’t act on their renewal letter or the energy company has made a mistake with their bill. Either way, don’t just leave it, there is assistance.

If you contact me, I can find out your renewal dates. This can be diarised and at the appropriate time, I will act on it. I will send off a termination notice (preventing you from automatically rolling over contracts), then look for new energy quotes.

If you believe that you have been over-charged, again, do call me, I can check this out, if you provide me with a set of historical bills.

Recently, I saved a client £1600 per year! How, through a simple telephone call to find out his contract terms, I was informed that his rates had increased, despite him being in a fixed contract! This was corrected and the over-payment was credited back to him.

To find out more about your energy bill rates, for business energy and for your home energy, then please contact me, I will be more than happy to help.

07710 118520 or 020 8327 0001

Ian Tiffenberg – U-GET Consultancy Services

Firms ‘ignoring energy efficiency’ des

Firms ‘ignoring energy efficiency’ despite soaring fuel bills. http://ow.ly/51rCl #SaveMoney

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