1st Quarter energy market update

1st Quarter energy market update

Taking a look at the current energy market as we now enter the end of quarter 1 for 2017.

In the last few weeks we have seen both gas and power prices increase for a number of reasons.

The rise in government third party charges are now starting to filter through to pricing from suppliers. Making around 40% of an energy bill – this has alone has seen clients looking at increases of 10-20% to last years rates.

The Syrian air strike last week impacted oil prices. We have also recently had the announcement of the Centrica rough storage facility being offline until after the 2017/18 storage year. This provides more than 70% of Britain’s gas storage!

Oil is approaching a 12 month high, floating around the $55 per barrel mark. Along with coal prices also increasing.

It is fairly agreed that geopolitical uncertainty will be a big factor in market volatility over the forthcoming months and years. With things looking unlikely to settle anytime soon.

It has never been more important to obtain expert industry advice for your energy purchasing strategy.

For further advice on when to secure or how to ensure any increases are mitigated as much as possible, contact Prestige today