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Covid cuts on business energy prices

2020energyprice

According to energy suppliers, now is a great time to switch.

In the latest lockdown announcement, suppliers around the country have decided to drop their prices to maintain a steadier income. This means that as a business owner, you can switch to a new provider now during lockdown, and lock yourself into a cheaper contract for when you open again.

This is coming at a time when energy prices were already dropping, so this will be great news for anybody working from home planning any refreshed contracts for their business.

The ICIS Power Index announced this year that gas prices were at their lowest price for a decade, with electricity also at a 9-year low.

The Big Six energy companies announced a drop of 5% on their gas bills at the beginning of this year, starting with E.on in February, but independent providers look to be making even larger cuts to keep up.

This gradual drop in prices can be chalked up to a number of things. The largest one is loss of revenue due to lockdown, meaning suppliers are now making new offers to entice customers who would otherwise be uninterested due to their businesses being closed. 

As well as this, comparison sites have helped round up competition and present the best deals for customers, meaning suppliers are having to constantly give out better and better deals. Environmental factors also include a reduction in oil costs, and less severe winters in the UK. 

This is creating a perfect storm for business owners, and we’d recommend making the most of it while you can by signing a new, cheaper contract.

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