The energy market remains turbulent, and most households are experiencing substantial increases in gas and electricity prices, with some suggestions of this impacting homeowners by around £400 per year.
To help our customers best manage their electricity supplies, we have worked with specialist energy broker Indigo Swan since 2017. In early 2020 we asked Indigo Swan to review the market to help plan for our customers’ future needs. Thanks to their expert knowledge, Indigo Swan recommended the most appropriate route was for our customers to secure long-term contracts.
At that time, electricity wholesale costs (which made up around 40% of the cost) averaged £47/MWh. For renewals in the current market, prices are forecast to be up to 41% higher, increased costs which could have directly affected our customers.
Instead, we are delighted that our customers continue to benefit from no increased energy costs until at least August 2023.
We are conscious that these are challenging times for all households, and we hope that this measure, amongst others we are taking, continues to help our customers control their outgoings and maintain their expenditure on their properties’ repair and maintenance.
As we look further ahead towards energy contract renewals for our customers, Indigo Swan will open discussions with energy suppliers ahead of schedule to identify the best time to place contract renewals and the correct timescales for our customers. Like all in the industry, we hope that the next 6-12 months will see the energy market calming and delivering good value for consumers.
Our customers can rest assured that we are already working to make their next renewal a success.