Business Renewals

OFGEM to tackle Rogue Energy Brokers?

Eon renewable energy

For many years businesses have feared the phone ringing with unregulated energy brokers plaguing small to medium businesses with continuous uninvited sales calls many with dubious promises and hard sell tactics designed to generate huge profits at the expense of the SME.  Despite the clear necessity to regulate this financial market OFGEM has repeatedly refused to get involved and has allowed many small businesses to suffer with rates up to double what should be expected.

The following proposals have now been provided by OFGEM that will give some protection from mis-selling and excessive profiteering by greedy energy brokers.

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Business Renewals

Business Energy Suppliers Update

Eon renewable energy

With many business energy contracts due for renewal in the Autumn window many will be shocked at how COVID-19 has reduced the options available to them when it comes to choosing both suppliers and contract terms.  Although wholesale prices have fallen in the last 4 months suppliers have been looking to protect themselves from debt and risk sectors which is leaving many businesses wondering where to look for their next contract.

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Business Renewals

Wholesale Energy April 2020 End Point

Eon renewable energy

April 2020 was one of the most volatile trading sessions in living memory with wholesale energy commodities recording both record up and downswings, even resulting in a negative WTI index.  As we finish the month markets have started to stabilise with slight gains seen in day ahead prices and some overall gains in Winter 20/Summer 21 electricity markets.

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Business Renewals

Wholesale Energy April 2020 Mid Review

Eon renewable energy

The first few weeks in April saw several records broken, firstly it was confirmed that Brent prices recorded their worst quarter downswing in living memory, however following confirmation of OPEC+ talks Brent prices saw the biggest intraday rally in history, albeit short lived.  During the OPEC+ meeting it was agreed that cuts of 10m barrels per day would be implemented which is around 10% of global demand, this agreed cut way below what most analysts believe is required to counterbalance the social/economic reductions seen in Oil requirements from COVID-19 which are currently estimated to be around 30%.  Brent started the month at $26 to currently sit on $21, however WTI which is the US index saw major falls from $23 to negative $4 as of 20th April 2020.

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