Save money by switching your energy provider
Lack of demand increases your chances of securing a better energy deal
Although the coronavirus outbreak continues to trouble economies throughout the world, business and industrial energy professionals can capitalise on the global shortage of energy demand.
Boris Johnson announced the UK’s lockdown on Monday 23rd March, closing all non-essential shops as well as schools and factories. Demand for energy plummeted by 13% according to analytics from Cornwall Insight. British Gas are preparing for their steepest fall in revenue as its business customers close their sites. Consequently, the prices of gas, electric and oil have hit an 18-year record-low.
Business professionals developing long-term visions for their commercial sites are cashing in across the country with lower prices offering attractive rates for new energy contracts.
Thousands of hotels, offices and factories are perusing renewals for more appealing, lower long-term energy contracts, capitalising on the industry’s sudden lack of demand. It is estimated as much £100 million pounds could be saved as the cost of energy drops during the pandemic.
Prices are being slashed everywhere else: telecoms giants including BT/EE, Openreach, Virgin, O2, Sky and KCOM have agreed to offer “generous mobile and landline packages” for its customers, indicating a need for fiscal stimulation due to a lack of market growth. The travel industry is offering all-time low fares for all-inclusive holidays as a response to the lack of travelling appetite, leading many consumers to rush to book cost-efficient holidays when travel restrictions ease. The energy industry is no exception.
Italy’s example offers promise: business energy demand fell by as much as 40%, according to data from Italian Grid Operator, Terna SpA, with prices being slashed — not increased.
Fear-mongering continues to frighten consumers away: almost every news channel headlines the death rate in the UK — some by the minute. Some news channels offer wild, ominous forecasts of an economy that will suffer for years to come (reduced travel, borrowing increases, oil and gas price crashes). But what they fail to realise is the astute opportunity this void offers a shrewd business professional: lock your energy contract in now while it’s still cheap.
