Gas prices set to be the highest level in months

Article posted

2nd Nov 2023

Read time

2-4 min read


Mollie Pinnington

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Gas prices are set to rise to their highest level since February this winter, according to industry experts. This is due to several factors, including falling temperatures, increasing demand for gas, and supply disruptions.

The UK is particularly vulnerable to rising gas prices, as it imports around 85% of its gas. This means that the UK is at the mercy of global gas markets, which are currently very volatile.

Businesses that rely on gas to power their operations are being urged to review their energy contracts as early as possible to secure the best possible prices.

There are a number of things that businesses can do to reduce their energy costs, including:

  • Switching to a more energy-efficient energy supplier
  • Negotiating a better deal with their current supplier
  • Installing energy-efficient equipment
  • Making changes to their operations to reduce energy consumption

Businesses should also consider hedging their gas prices to protect themselves from future price increases. Hedging is a financial instrument that allows businesses to lock in a fixed price for gas for a period of time. This can help businesses to budget for their energy costs and avoid unexpected price rises.

The following tips can help businesses to choose the right energy contract for their needs:

  • Shop around and compare prices from different suppliers
  • Check the terms and conditions of the contract carefully
  • Make sure that the contract is the right length for your business
  • Ask about exit fees and other penalties

Businesses should also seek professional advice before signing any energy contract.

Here are some additional tips for businesses to reduce their energy consumption:

  • Turn off lights and appliances when they are not in use
  • Insulate your premises
  • Install energy-efficient windows and doors
  • Use energy-efficient appliances
  • Change the settings on your heating and cooling systems
  • Encourage your employees to be energy-conscious

By taking these steps, businesses can reduce their energy costs and protect themselves from the rising price of gas.

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