FAQs
Due to a mixture of global issues and poor energy security in the UK, energy prices have been much higher. With COVID-19 and the Russia-Ukraine war, energy prices have been globally sky-high. The lack of energy security in the UK has also led to a very volatile UK energy market, which has unfortunately meant price rises for consumers.
With business energy bills, you can get fixed contracts from 1 year up to 5 years with some suppliers. The amount of time you fix your prices to depends on the energy market and whether prices are expected to rise or fall in the next couple of years.
Fixed contracts mean you will be paying one unit rate for the whole duration of your energy contract, whilst variable means that prices will vary depending on the wholesale market. It's best to speak to an energy consultant at the time of switching to assess which one would fit your company best.
There are a few different reasons why energy prices may fluctuate. The main reasons are supply and demand issues as well as geopolitical issues that affect the wider global energy market. Any issues that push up wholesale energy prices globally are likely to cause volatility in the UK energy market. Keep up to date with the latest energy news here to stay in the loop about changing prices.
Having a fixed contract will protect you from price volatility for the duration of your contract. Having a variable contract when prices are unpredictable could leave you paying extremely high energy prices.
