Over the past week temperatures across the UK have dropped significantly. With this, the demand for energy to heat homes and buildings has surged causing the price of electricity to hit a new record in the UK.
Wholesale electricity prices are currently 40 times more expensive than the 2011 – 2020 average. Not only is the cold weather the UK is facing affecting energy prices but also, we are seeing a reduction of power exports from the EU as France struggles with a lack of nuclear power.
Countries across the EU are also suffering due to cold weather, France in particular. Not only are they also seeing a surge in demand they are also dealing with strikes among nuclear power workers. This has led them to ask the UK for more exports to further support the country’s energy grid.
Are energy prices going to rise going into 2023
As the weather gets colder, demand is likely to continue to surge. This is predicted to push prices up further going into 2023.
Next year the wholesale price of energy is expected to rise by up to 50%. This is not only due to the cold weather pushing up demand but the global ongoing implications of the current energy crisis. If Europe’s energy storages begin to run low, then they are going to struggle to replenish this. This will create more volatility in the global energy market.
What does this mean for my business energy?
This means that if your energy contract is going to be due for renewal in the next year you probably want to ensure the cheapest deal you can and quickly before prices begin to rise. If you would like to speak to an energy consultant today about your energy bills then get in touch or get a free quote.
If you're looking to save money on your energy bills then why not get in touch today? The relationships Resolve Energy has developed with over 24 of the UK’s biggest business energy suppliers allows our energy experts to source the best business energy rates available for your company right when you need them. Request a free quote today and start saving money on your energy.
