Stick or Twist?
Play our interative game to find out when to renew your contractIts time to renew your energy contract - but when's the best time to buy?
If you've ever wondered what might have happened if you'd made a different procurement decision, this is your chance to find out. We've created our new Stick or Twist game to give you the opportunity to see how buying at different times could affect the price you pay for your energy - play to find out:
Which type of organisation would you like to play as?
A multi site
retailer that...
- Is on a fixed contract
- Has 15 sites in one region
- Wants budget certainty
Their energy expenditure last year was:
This year’s energy budget is:
A medium-sized manufacturer that...
- Is on a fixed contract
- Has just one site
- Wants low costs
Their energy expenditure last year was:
This year’s energy budget is:
A university
that...
- Is on a fixed contract
- Has 10 sites
- Needs simplicity
Their energy expenditure last year was:
This year’s energy budget is:
Three months before your supply start date, market prices have risen as European gas storage levels have fallen to record lows.
Energy is already your organisation's largest overhead, and if you lock in now your costs will increase. If you wait, prices could fall - but they could also rise further.
You want to secure the lowest cost for your energy, because doing so could increase your profit margin and boost your business's competitiveness - but you're not sure that a fixed contract is the right solution.
When it comes to energy buying, your team has limited resources - they don't have much time, and they don't have the energy expertise required to know when to buy. So they just want to secure a fixed contract at a low price, as soon as possible.
Do you fix now, or wait?
You chose to fix 3 months before your supply start date.
Your energy costs have now risen - last year, you paid £XXX,XXX for your energy, this year you will pay £XXX,XXX for your energy.
Keep playing to find out what happens next.
You chose to wait to renew your contract because market prices are high.
Keep playing to find out what happens next.
Two weeks later, market prices have risen even higher after a drone attack on an oil facility in Saudi Arabia.
Two weeks later, market prices have fallen due to a rise in demand as many businesses bring employees back into the office. However, they're still higher than they were this time last year.
You chose to renew your contract two weeks ago, so you have successfully locked in at a lower price. If you had waited to renew your contract at today's price, your organisation would be paying £XXX,XXX for your energy this year - which means you have saved £XX,XXX by renewing your contract earlier.
You chose to renew your contract two weeks ago, which means you have locked into a higher price. If you had waited to renew your contract at today's price, your organisation would be paying £XXX,XXX for your energy this year - which means you could have saved £XX,XXX by waiting a fortnight to renew your contract.
However, there are still 6 weeks until your supply start date - and prices could change in that time. Keep playing to find out what happens next.
Two weeks later, market prices have risen even higher after a drone attack on an oil facility in Saudi Arabia.
Two weeks later, market prices have fallen due to a rise in demand as many businesses bring employees back into the office. However, they're still higher than they were this time last year.
You chose to wait to renew your contract, which means that you only have 10 weeks left before your supply start date to secure the best price for your business.
Now that prices have risen further, your business could be at risk of paying significantly higher prices than last year.
In that time, prices could fall further, or they could rise again.
If you had locked in two weeks ago, you would have paid £XXX,XXX for your energy. If you choose to lock in now, you will pay £XXX,XXX for your energy.
You can choose to wait to renew, but prices could rise further, and your organisation could be left paying even more money for its energy. However, if you decide to fix now, the market price could fall before your supply start date, which could mean you miss out on a lower price. It might be time to ask for expert advice - what are you going to do?
You could hold off on renewing your contract once again, in the hope that prices fall below last year's prices - or you might choose not to risk the chance that they will rise again, leaving your business paying even more for its energy. It might be time to ask for expert advice - what are you going to do?
It can be really difficult to know when it's the best time to lock into a new fixed contract, so if you don't have in-house energy expertise, seeking expert advice is always a wise move. With the support of Inspired Energy's market specialists, who have in-depth insight into the market and decades of experience in energy procurement, you can ensure that your business gets the best deal.
In this scenario, our experts would advise you to lock in at this price. There's not much time left before your supply start date, and although the market could fall, it's just as likely that prices will rise further.
In this scenario, our experts would advise you to consider whether a fixed contract is the best approach for your business. If your goal is to get the best price for your energy, a flexible contract enables you to take advantage when the market falls, unlike a fixed contract which means you must pay the same price for the duration of your contract. Do you want to take their advice?
There's now less than a month before your supply start date, and market prices have dropped slightlyfurther due to an unusually warm British summer.
There's now less than a month before your supply start date, and market prices have increased once again due to snowfall in September.
Prices are now lower than they were six weeks ago, but they are still higher than they were 2 months ago.
Prices are now lower than they were last year, and under your business's budget.
As you chose to renew your contract 2 months ago, you have managed to secure a lower price for your business. You're paying £XXX,XXX, but if you'd left it until today to renew your contract, your business would pay £XXX,XXX for its energy this year.
This shows how important it is to secure a contract and lock in a price sooner rather than later. In doing so, your business has managed to secure a lower price and the budget certainty it needs.
However, we always recommend seeking external support with energy buying if you don't have energy expertise in-house, as it's vital to know what's happening in the market before you buy.
As you chose to renew your contract 2 months ago, you locked in at a higher price. As a result, you're paying £XXX,XXX, but if you'd left it until today to renew your contract, your business would pay £XXX,XXX for its energy this year.
While your organisation is paying more for its energy than it could have been if you had waited longer to renew, we never recommend leaving it to the last minute to renew your supply contract. Prices could fall closer to your supply start date, but there's an equal chance that they could rise - and if you're opting for a fixed approach, you could find your business is stuck paying a higher price than you would like to be for its energy. That's why we always recommend renewing your contact at least X months before your supply start date, particularly if low costs are a key concern for your organisation.
If your contract is coming up for renewal, and you're wondering when will be the best time to buy, our procurement experts are on hand to help secure the best contract for your business. Email [email protected] or call 01772 689250 to speak to them today.
So if your contract is coming up for renewal, talk to our procurement experts about how they can help your organisation to secure the best price for its energy - simply email hello[email protected] or call 01772 689250 to speak to them today.
There's now less than a month before your supply start date, and market prices have dropped slightlyfurther due to an unusually warm British summer.
There's now less than a month before your supply start date, and market prices have increased once again due to snowfall in September.
Prices are now lower than they were six weeks ago, but they are still higher than they were 2 months ago.
Prices are now lower than they were last year, and under your business's budget.
As you chose to renew your contract 6 weeks ago, you locked in at a higherlower price. As a result, you're paying £XXX,XXX for your energy, but if you'd left it until today to renew your contract, your business would pay £XXX,XXX for its energy this year.
While your organisation is paying more for its energy than it could have been if you had waited longer to renew, you did manage to secure budget certainty sooner rather than later, which is a key requirement for your business. Although the market fell slightly, there was just as much of a possibility that it would have risen, and your business could have been left paying even higher prices.
While your organisation is paying more for its energy than it could have been if you had waited longer to renew, we never recommend leaving it to the last minute to renew your supply contract. Prices could fall closer to your supply start date, but there's an equal chance that they could rise - and if you're opting for a fixed approach, you could find your business is stuck paying a higher price than you would like to be for its energy. That's why we always recommend renewing your contact at least X months before your supply start date, particularly if low costs are a key concern for your organisation.
We always recommend renewing your contract at least X months before your supply start date, so well done for locking in sooner rather than later. The energy market is very volatile, and while waiting until the last minute might enable you to get a better price if the market falls, there's an equal chance that prices could rise further, which would leave your business paying higher prices for the duration of its contract.
If your contract is coming up for renewal, and you're wondering when will be the best time to buy, our procurement experts are on hand to help secure the best contract for your business. Email [email protected] or call 01772 689250 to speak to them today.
It can be very difficult to decide when is the best time to renew, particularly if you don't have the time or in-house expertise to make a well-informed buying decision. So if your contract is coming up for renewal, talk to our procurement experts about how they can help your organisation to secure the best price for its energy - simply email [email protected] or call 01772 689250 to speak to them today.
There's now less than a month before your supply start date, and market prices have dropped slightlyfurther due to an unusually warm British summer.
There's now less than a month before your supply start date, and market prices have increased once again due to snowfall in September.
Prices are now lower than they were six weeks ago, but they are still higher than they were 2 months ago.
Prices are now lower than they were last year, and under your business's budget.
As you chose to wait to renew your contract, your business is now going to have to accept this higher price. As a result, you're paying £XXX,XXX for your energy, whereas if you'd locked in at a lower rate 2 months ago your business would have paid £XXX,XXX for its energy this year.
This highlights how risky it can be to leave your contract renewal to the last minute. While many businesses hold out because they hope that market prices will fall, it's just as likely that prices will rise - as they have in this scenario. That's why we always recommend renewing your contract at least X months before your supply start date, particularly if low costs are key.
As you chose to wait to renew your contract, your business has been able to secure a lower cost for its energy. As a result, you're paying £XXX,XXX for your energy, whereas if you'd locked in at a higher rate 2 months ago your business would have paid £XXX,XXX for its energy this year.
Although your business has benefitted from waiting in this scenario, we never recommend leaving it to the last minute to renew your supply contract. Prices could fall closer to your supply start date, but there's an equal chance that they could rise - and if you're opting for a fixed approach, you could find your business is stuck paying a higher price than you would like to be for its energy. That's why we always recommend renewing your contact at least X months before your supply start date, particularly if low costs are a key concern for your organisation.
If your contract is coming up for renewal, and you're wondering when will be the best time to buy, our procurement experts are on hand to help secure the best contract for your business. Email [email protected] or call 01772 689250 to speak to them today.
It can be very difficult to decide when is the best time to renew, particularly if you don't have the time or in-house expertise to make a well-informed buying decision. So if your contract is coming up for renewal, talk to our procurement experts about how they can help your organisation to secure the best price for its energy - simply email [email protected] or call 01772 689250 to speak to them today.
There's now less than a month before your supply start date, and market prices have dropped further due to an unusually warm British summer.
Prices are now lower than they were last year, and under your business's budget.
As you chose to opt for a flexible contract, you can make a purchasing decision now, which means you can secure low prices for your business. As a result, you're paying £XXX,XXX for your energy, whereas if you'd locked in at a higher rate 2 months ago your business would have paid £XXX,XXX for its energy this year.
This highlights how taking a more flexible approach can benefit your business. If you had chosen a fixed price contract six weeks or two months ago, your business would have been stuck paying a higher price for its energy, but because you can make multiple purchasing decisions within your flexible contract, you can act quickly to secure lower prices whenever the market falls.
If your contract is coming up for renewal, and you're considering a flexible contract, our procurement experts can help to ensure that you always buy at the best time and secure the optimum price for your energy. Email [email protected] or call 01772 689250 to speak to them today.