This time of year, it can get tricky to know what to do with your business energy bills. However, delaying signing a new deal till 2025 could be a huge mistake and cost your business a lot more money than necessary.
Energy prices in the UK are still currently a lot higher than pre-energy crisis levels and they are anticipated to rise further in 2025, which means deciding what to do with your energy contract now is key.
The energy landscape in the UK
Energy analysts have suggested that there is no chance of a return to pre-crisis levels any time soon.
Energy prices have been on an incline since the pandemic in 2020, prices peaked during the energy crisis in 2022. Since then, prices have come down a lot, however the chances of seeing prices we saw before the energy crisis or the pandemic are very slim.
The energy market remains volatile due to geopolitical issues in the EU that push global market prices up. Due to the UK relying on foreign imports, we can expect to see a rise in contract renewal prices in early 2025.
The risks of ignoring energy costs
Due to prices being expected to go up in early 2025, we suggest that businesses fix their next renewal as soon as they can as leaving it till the new year could have huge financial implications.
Higher costs
If you don’t lock in your energy contracts before prices rise, you are risking getting stuck paying much higher prices for the next year.
Competitive Disadvantage
Companies that are paying more for energy are risking their competitiveness in domestic and global markets. This is because they have higher expenses compared to competitors who optimise their energy deals.
Sustainability Goals
Failing to secure lower energy rates is going to put you in a bad position financially, meaning you will have less money to invest in energy efficiency. This will set you behind when it comes to sustainability goals and will not allow you to make any savings by reducing consumption.
Benefits of securing energy contracts now
Cost Savings
Negotiating prices now while we are still in 2024 could be beneficial to your business and allow you to save money over 2025.
Budget Certainty
Avoiding unexpected fluctuations in 2025 energy bills. By fixing your prices now you avoid any price hikes that may occur in the next year.
How to start saving today?
Why not get a fixed energy quote today and see how much you could save
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.
