Energy Market Update: What BID Members Need to Know

Rising geopolitical tensions in the Middle East, including the ongoing Iran conflict, are impacting global energy markets and creating increased price volatility.

What’s happening

• Electricity prices have risen by around 10 to 30% since late February

• Gas prices have increased by 25 to 80%, depending on sector and exposure

• Businesses are directly affected, as wholesale market changes impact renewal rates and future contracts

While the domestic price cap offers some protection for households, businesses do not have the same level of protection. This means costs can rise quickly.

Who this impacts most

• Businesses with energy contracts due to expire within the next 12 months

• Businesses currently on variable tariffs

• Those without a forward purchasing or budgeting strategy in place

  
  

What you should do now

• Review your current energy contract position

• Check renewal dates and current tariff type

• Consider options to reduce exposure to market volatility

  
  

If you are approaching renewal or are currently on a variable tariff, it is worth seeking advice.

BID members can connect with Michael Dogan at Eyebright Utilities to:

1. Explore contract options

2. Develop a budget forecasting plan

3. Review buying strategies to help de-risk your business

To get started, you will just need a recent energy invoice or your renewal letter.

Get in touch

Email: m.dogan@eyebrightutilities.co.uk

LinkedIn: Michael Dogan

Staying informed and planning ahead can help protect your business from ongoing market uncertainty.