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Even in the best of circumstances, energy costs are difficult to predict and the current level of market volatility makes it impossible to say whether energy prices will fall this year. Despite the fact that prices fluctuate throughout the year, the general trend is upward.

Energy researchers and research firm Cornwall Insight predict that prices could continue to rise through 2024.

However, the prices we face will remain unchanged for the rest of the year and through 2023, thanks to the energy price guarantee, which has capped prices for both homes and businesses alike.

Will energy rates need to be amended until 2023?

Pegging energy prices is the only way to maintain bill stability and prevent future price increases in a volatile market.

It’s impossible to predict whether prices will rise further, but prices have risen dramatically over the past year, and those with fixed plans in September 2021 will see their energy costs drop significantly. You could have saved.

With the Energy Price Guarantee coming into force in October, it is unlikely that the switch will be necessary until at least April next year. This is due to the fact that energy costs for most businesses are limited until then.

If in doubt, consider running Business energy comparison of rates from various trusted energy providers in the UK.

What if you can’t pay your business’s electricity bill?

If your company is having trouble paying its energy costs, it’s important to contact your provider immediately to set up a payment plan. If he does not resolve the issue with the supplier within 30 days of delinquent payment, the supplier may take action to cut off the energy supply.

Will energy prices stop rising?

The CEO of British Gas’ holding company, Centrica, said gas prices were on the rise despite the fact that it was difficult to predict exactly what would happen in such a volatile energy market. He said there was “no reason” to expect a drop any time soon.

The government appears to be addressing the tension by stepping in and helping customers by lowering value-added taxes and other charges not specifically linked to wholesale energy prices.

Industry groups are urging governments to provide financial support to business owners in the form of energy-related value-added tax cuts, commercial energy price caps and government emergency energy subsidies for small businesses. . crisis.

Few details are available now that commercial energy price limits have been established. Starting October 1st, the price cap will be in effect for 6 months.

After three months, there will be a review to determine whether the limits should be increased for particularly vulnerable sectors such as the hotel industry.

How can I reduce my company’s energy costs?

Businesses should establish current prices as soon as possible to protect themselves from non-contractual claims and potential new price increases.

If you want to reduce your company’s utility bills, consider when and how you use gas and electricity. Then consider the following.

• Find out the heating hours of the building.

• Turn off electrical appliances.

• Monitor the weather.

• Purchase a smart meter to reduce costs

• Be aware of water prices.

• Turn off lights or install light sensors when not in use.

• Encourage teams to be energy conscious.

• Make sure the structure is airtight.

• Avoid using paper as much as possible.

• Get an energy audit.

But reality must also be maintained. When energy prices rise, you need to consume a minimum amount of energy to keep your business running. may appear.

Considerations before choosing an energy contract

There are various business energy rates available. If you choose the wrong one, your company will spend a lot of money on energy supply.

Additionally, signing a business energy contract binds you to the terms of the contract and can overpay you for up to five years.

This is why comparing business gas and business electric packages is absolutely worth it, even if you may be wondering if it’s really worth the effort.

If you haven’t already changed your business energy supplier, your existing supplier will impose exorbitant “non-contract fee” arrangements. These prices are up to twice the contract price and could be more in the current market.

If you switch, be aware that the price you receive will depend on many factors, including the amount of energy you use, the location of your business, and whether your company is financially stable.

If your company has a low credit score, you may end up paying a higher price because your company is considered riskier.

Additionally, it is important to note that corporate energy providers do not offer dual fuel contracts. However, even if he has gas and electricity contracts from the same provider, they are two different energy contracts.

What if the company moves to a new location?

If the company moves, one of the two situations below will occur in the energy contract.

• Move to a new office.

• Canceled and need to get a new contract at the new location.

After signing a commercial energy contract, you are seldom given the option to cancel the contract early.

This is to ensure that the appropriate amount of energy is purchased for the entire term of the contract so that the supplier does not lose money if the contract is terminated before the stated end date.

A company relocation is a rare opportunity to prematurely terminate existing business energy contracts and transition to better pricing, but alternatives should be carefully considered before making the transition.

Moving your current energy contract to a new location will be handled by your provider, hassle-free, and billed only for the period starting from the date you move to your new location.

If you decide to move to a new contract with another provider, you will need to make arrangements for settlement of your last commercial energy bill or refund due if your account was positive.

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