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Business Gas Prices

Gas prices have continued to rise this week with heightened fears of supply disruption, following a decision made by the Dutch government to cut production at the Groningen gas field. Production from the Netherlands has fallen, which has caused prices to rise from 46.5p/therm to 50.5p/therm. The firming oil prices have also contributed to the rise in price, with Brent Crude back up to around $55per/barrel. Above seasonal norm temperatures have reduced has demand which has so far prevented gas prices from returning to the highs of November 2014 when prices were at 58p/therm.

Relief Scheme Launched For Energy Intensive Users

The government has detailed how it intends to implement a new scheme intended to help the UK’s most energy-intensive industries (EIIs) cope with rising electricity costs. The proposals would see EIIs relieved of some of the costs associated with the government’s renewables schemes. But other, non-eligible companies could see their electricity bills rise as a result.

Rising costs

Business Electricity Prices

Business electricity prices started to firm this week after loosing 8.3% over the month of January to average £39.5/MWh. The fall in January was due to high wind output and a continued weak outlook for commodities weighing on contracts over the month. The falls in gas, oil and coal contracts also forced prices lower. With oil prices now on the increase and looking like they will settle around the $60per/barrel mark the electricity market has started to firm.