Since our last Energy Report, Gas and Electricity Wholesale prices are lower.
Costs for the remainder of 2022 and the first quarter of 2023 are very high. Although 2023 and 2024 show better value, there is still a considerable premium, but does provide an opportunity to contract longer and reduce the shorter term % increases. The government has introduced the Energy Bill Relief Scheme, which provides a reduced Wholesale cost to those non-domestic customers that have contracted from December 2021. This started in October 2022 and runs until March 2023, and maybe extended for specific industries. However, customers still need to monitor the markets for contracts from April 2023, when they may once again be fully exposed to costs.
The sabotage of Nord Stream 1 and 2 Gas pipelines did initially impact on prices despite neither of them being in operation. It has emerged that part of Nord Stream 2 could still supply Gas, but this is unlikely to be allowed by the EU as it was banned due to its perceived use as leverage against Europe in the Ukraine conflict. Countries across the continent are imposing measures to reduce energy use, and with EU Gas Storage now at 92% full against an upper target of 85% by November, and milder temperatures, there is a slightly more positive outlook.
Focus has turned to Electricity supply concerns for the winter, with the potential that Gas generators may not be supplied in the event of a Gas shortage and reduced levels from other sources. These include a large number of French Nuclear reactors being offline due to maintenance, safety concerns and strike action.
Wholesale prices remain extremely volatile with a great deal of uncertainty. Therefore, we would advise looking at your options for contracts ending in 2023, having conversations with Indigo Swan about your specific requirements.
If you enjoyed reading this blog why not try on of our others:
"Indigo Swan were professional but with a personable approach. Their market knowledge allowed me to enter new contracts with confidence, this was something I was unable to do with my previous broker."
Joanna Thornton, Estate Manager
"The experience behind the Indigo Swan team, their passion and integrity were all important to us. They clearly understood the market and could provide the best advice. "
Phil Riseborough, Head of Facilities
"We’ve worked with other energy consultants, but with Indigo Swan we get real integrity and service that is way beyond our expectations. We have already saved over £120k."
Jason Wakefield, Procurement Manager
Cookie | Duration | Description |
---|---|---|
TawkConnectionTime | session | Tawk.to, a live chat functionality, sets this cookie. For improved service, this cookie helps remember users so that previous chats can be linked together. |
Cookie | Duration | Description |
---|---|---|
SRM_B | 1 year 24 days | Used by Microsoft Advertising as a unique ID for visitors. |
Cookie | Duration | Description |
---|---|---|
CONSENT | 2 years | YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data. |
MR | 7 days | This cookie, set by Bing, is used to collect user information for analytics purposes. |
_ga | 2 years | The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. |
_gat_gtag_UA_12371872_1 | 1 minute | Set by Google to distinguish users. |
_ga_* | 1 year 1 month 4 days | Google Analytics sets this cookie to store and count page views. |
_gcl_au | 3 months | Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services. |
_gid | 1 day | Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. |
Cookie | Duration | Description |
---|---|---|
ANONCHK | 10 minutes | The ANONCHK cookie, set by Bing, is used to store a user's session ID and also verify the clicks from ads on the Bing search engine. The cookie helps in reporting and personalization as well. |
MUID | 1 year 24 days | Bing sets this cookie to recognize unique web browsers visiting Microsoft sites. This cookie is used for advertising, site analytics, and other operations. |
test_cookie | 15 minutes | The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. |
VISITOR_INFO1_LIVE | 5 months 27 days | A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. |
YSC | session | YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. |
yt-remote-connected-devices | never | YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. |
yt-remote-device-id | never | YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. |
yt.innertube::nextId | never | This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. |
yt.innertube::requests | never | This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. |
Cookie | Duration | Description |
---|---|---|
CLID | 1 year | No description |
SM | session | No description available. |
twk_idm_key | session | No description |
_clck | 1 year | No description |
_clsk | 1 day | No description |