There is certainly a lot in the media at the moment regarding the increasing cost of energy in the UK. Some of you maybe wondering what is happening and why. I thought I would share some information taken from various broadsheets and well regarded media outlets.
Gas prices for this coming winter rose to more than 600p per therm at one stage on Monday, almost 8 times higher than the price for the same contract a year ago. Wholesale energy prices rose across the Continent and in America driven by continued concerns over shortages as Russia curtails gas supplies, French nuclear plants suffer safety shut-downs and the drought threaten electricity supplies from other stations.
Although Britain has historically received very little gas from Russia, Europe has typically taken 40% of its gas from Russia. The battle for supplies in Europe have pushed up prices across the globe which of course effects our prices here.
I do not have a crystal ball and have no way of knowing how this will play out but I tend to agree with what most of the advisers are saying, if you can find a reasonable fixed rate, seriously consider taking it. If you need any assistance with that I can help but please act quickly as this is a very volatile market and fixed rates have already increasted 4 times this month and are set to increase again at 9am tomorrow morning (Thursday 18th August). Feel free to contact me on 07787 570882 if you would like me to show you the savings I can achieve for you.
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