Go Low Carbon’s advice for dealing with rising energy prices

Energy prices reached a new record high in late July, following the announcement that EU member states are to ration energy use this winter as a result of Russia reducing the amount of gas supplied to Europe by two-thirds, over the coming year.

Although the UK imports just 4% of its gas from Russia, this latest development has resulted in the price of alternative gas supplies going up by as much as 80% and deepened the energy crisis facing British businesses. This time last year businesses could secure long term fixed electricity tariffs at less than 20p per kWh. Throughout 2022 we’ve seen unit rates cross the 30p and 40p barriers, and last week the average unit rate was 57p per kWh, a near 5-fold increase in just a year.

To put this into context the average sized dairy farm previously spending £1,000 a month on electricity is now facing an annual electricity bill of £57,000 as their previous fixed contract comes to an end.

Forecasts are that high energy prices are here to stay for the foreseeable future, with domestic energy prices predicted to go up 77% in October and a further 20% rise in January, while a cold or prolonged winter would likely place further strain on prices.

So what can be done about it?

Go Low Carbon can offer a wide range of tariffs, from fully fixed options to give budget certainty, through to flexible tariffs which follow wholesale energy market prices. For those with a gas or electricity contract due for renewal before December 2023, we recommend speaking to an advisor now for some free advice on making a strategy to minimise the increase in your future energy costs.

Contact GO Low Carbon on 01228 830850 or email us at leads@golowcarbon.co.uk

 

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