Product category:
Energy management; Boiler plant
News Release from: Utility Auditing | Subject: Autumn contracts
Edited by the Processingtalk Editorial
Team on 22 June 2006
Act now to beat autumn energy price rise
Businesses whose electricity contracts come up for renewal this autumn should act immediately to avoid the seasonal spike when 70% of businesses sign new contracts at peak prices
Businesses whose electricity contracts come up for renewal this autumn should act immediately to avoid the seasonal spike when around 70 per cent of businesses sign new contracts and the surge in demand causes prices to peak Organisations should buy early and consider locking into longer contracts to beat the anticipated September/October price increases, warns energy management company Utility Auditing (UAL)
This article was originally published on Processingtalk on 11 Jun 2007 at 8.00am (UK)
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"There have been dramatic price rises in excess of 80 per cent in the wholesale electricity market over the past 12 months, and the price of gas "There is very little sign of prices easing and given unprecedented market trends of 2005/06, there is every likelihood that the major autumn contract renewal round will drive further speculative forward buying - leading to a large upward price swing in September and October".
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"Increasingly we are seeing larger companies implementing long-term contracts to hedge against sharp movements or big annual price hikes," adds Backx: "There appears to be little relief ahead in the coming year, with extreme volatility and further bullish drivers in the market, although forecasts suggest that prices will rise less sharply".
With the environmental and cost imperative to reduce carbon emissions, many businesses are turning their attentions to conservation.
On average companies can save between 10 and 20 per cent by becoming more energy efficient, meeting their environmental obligations at the same time.
As Carbon Trust accredited consultants UAL provides fully funded energy surveys for businesses spending more than GBP50,000 per year on energy.
This detailed on-site assessment by UAL engineers highlights many simple and low cost opportunities for reducing emissions and a report is produced highlighting a range of measures businesses can take and the impact those interventions will have on energy consumption.
UAL, which is official service provider to more than 60 accredited Chambers of Commerce and other national trade associations, purchases GBP150 million worth of energy on behalf of UK business each year and can help customers to reduce exposure to the risks of buying in a highly volatile commodity market.
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