How to prepare for a volatile energy market this winter

Another winter, another year of a highly volatile energy market, which has become the new norm in the energy sector. Just as we were beginning to see the energy markets start to settle, the situation in Israel is sending the economy back into turmoil, disrupting the global energy markets further. With energy demand typically higher in winter months, rising energy wholesale costs and potential reduced supply, businesses could face higher energy bills again in 2024.

In addition, the Energy Bill Discount Scheme (EBDS), which provides a discount on energy bills for businesses and other non-domestic customers, is due to end March 2024. Not as helpful as the previous scheme for business anyway and therefore, it has never been more important for businesses to stay on top of the current energy market and to strategize to avoid unexpected costs and minimise risk. 

Are you confident with your energy strategy, efficiency and contracts?  

Six ways your business can prepare for this winters energy market:

• Review energy consumption - Have visibility of your energy usage, identify areas where you can save energy and ensure you are not wasting any. 
   
• Monitor the energy market - Ensure you are getting advice on the energy market in case you need to make a decision before your contract ends. Having sight of background trends in the market gives you the visibility of projecting future costs and allows you to make an informed decisions on your energy contracts.
   
• Review energy contracts - As we approach the end of the year, now is a good time to review and organise your businesses energy contracts. Did you know, in most cases, you can renew your 2024/2025 energy contracts early. 
   
• Have an energy procurement strategy  -  Protect your business with a strategic purchasing plan to ensure long-term stability. With fixed, flexible or blended purchasing options available, an energy consultant can provide expert advice across the full product range, tailor contracts to meet your individual business needs and renew at the best time to avoid fluctuating prices. 
   
• Develop an energy management plan - Implement energy efficiency measures to reduce consumption and emissions, manage costs through efficiencies and educate employees. 
   
• Reduce dependency on the Grid -  Invest in renewables, improve your businesses resilience and security by reducing energy bills and reliance on the grid with onsite generation and storage. 

Navigating a complex energy market can be a daunting task, if this is not your area of expertise, it is advisable to get help from an energy consultant to ensure you are futureproofing your business and mitigating rising costs. Our team of experts are here to help, please call us on 03330 433 233.