High and rising energy costs are forcing manufacturers and suppliers to increase their costs to serve, and alongside this price increase, businesses are facing their own energy bill increases.
The most important advice for businesses is to not follow the 'do nothing' advice that is being given to domestic customers as unlike with domestic energy contracts, there's no price cap for businesses.
On average, out-of-contract rates have risen by 67% since August 2021.
So if your business energy contract is coming to an end, or your energy provider ceases trading, we encourage all businesses to take action.
Below we have highlighted a number of steps you can take to protect your business from rising costs:
Contract End Date: Ensure you know when your current contract(s) end. If you are unsure, this will be included on a recent energy bill. You should review the bill for every meter within your business.
Renewal: As you approach your contract renewal date, you will receive a renewal offer letter or email (depending on your communication preferences). It is imperative that you compare this price to the current market price as you may find a better price with an alternative supplier. Working alongside our energy brokers, the Regency team can assist you with this; all we need is a copy of the renewal letter.
Contract Rates: If your energy contract comes to an end and you have not taken any action, your supplier will move you to an out-of-contract rate which is likely to be very expensive.
Phone Calls: If you receive a phone call from an energy provider, it will rarely be from your existing supplier, regardless of what they may claim. If you are contacted by telephone and you wish to find out more, you should request that all information is provided to you on email. The information within this email will allow the Regency team to run a market comparison to confirm if this is the most suitable product for your business.
Current Provider Ceases Trading: If your current energy provider ceases trading, you should take a meter reading from every meter within your business and wait for a new supplier to be appointed. When your new supplier makes contact, you'll need to negotiate a new energy contract – don’t just agree to the first deal that's offered to you. However, this could also be a good time to compare the market, as you will not be charged any exit fees at this point. Again, the Regency team can assist you with this if required.
To discuss your energy bills and explore potential savings, please get in touch.