The right time to renew your energy contract

The energy market has never been easy to predict. With so many influencing factors, the market can fluctuate at any given moment. That’s why it can be difficult to secure an energy contract for your business at the right time and at the right price.

The COVID-19 pandemic certainly had a large impact on the energy market. With an excess of LNG (Liquified Natural Gas) in early 2020 resulting in a bearish market, it wasn’t until restrictions were put into place that we saw huge effects on energy prices.

Demand forecasts were adjusted down and both prompt and future prices were lowered as a result in Winter 2020-21. When hopes of normality struck because of the vaccine, energy prices began to rise again. This has meant a lot of businesses have become unsure of when to buy their energy, with market prices quite volatile, particularly as the October renewal deadline approached.

Delaying the buying decision for your business’ energy contract renewal, often contributes to a higher price for gas and power. Holding out on a renewal when the market price is high can be tempting, however this could put you at risk of being in an ‘out of contract’ rate territory.

But delaying doesn’t only impact the price. Did you know that requesting multiple quotes from your energy consultant or suppliers can also contribute to your carbon footprint?

Working with a trusted expert

Your business may also want to consider working with an expert energy partner, as they can focus on your energy strategy whilst you focus on doing what you do best – running your business. An Inspired Energy expert will be able to provide you with the right advice and strategy for your business, at the right time. We will dedicate time to get to know your business’ requirements, so you can be sure that you’re always prepared for future price changes.

“The market for utilities is constantly evolving and with so many elements to assess, it’s easy to see why so many organisations are unable to stay ahead of the latest trends or opportunities. Our experts help businesses get the very best deal by reviewing contracts over lengthy periods of time; giving you complete peace of mind that you’re safeguarded from price hikes and not vulnerable to market risks. Get budget stability and certainty with our comprehensive market know-how.” Michael Dent, Inspired Energy’s Director of Key Accounts and Public Sector.