Now is the time for change...

New Year, new energy strategy!

This month's newsletter looks at March's business energy bill support going away, the impact it will have on businesses and what to do about it.

Change is coming

March sees the end of the Energy Bill Discount Scheme (EBDS), which replaced the Energy Bill Relief Scheme (EBRS) in 2023, with no bill support scheme set to replace it for 2024.

The EBDS scheme was set up by the government to support businesses when the energy prices within the wholesale markets exceeded certain price thresholds. The EBDS discount would kick in providing discounts, linear with the wholesale market price, up to a maximum of £19.61/MWh for electricity and £6.97/MWh for gas.

With the EBDS going, business are now fully exposed to market volatility if they are not fixing energy prices or hedging their energy positions out far enough. The view for 2024 is that energy prices should remain relatively low, compared with 2023, for the majority of the year. Observing activity in 2023 has shown us that energy prices are very sensitive to political uncertainties, strikes on the other side of the world and unrest in areas of fossil fuels such as the recent hostilities in the Red Sea.

A Bright Idea

The EBDS conclusion is a concern for businesses across the UK and you can see exactly how much of an impact it has had on your bills if you look back over the last year, there should be a line item denoting the amount of savings made. In some cases, this will be quite substantial sums.

This means that is is now more important than ever to look into ways to reduce consumption, invest in green generation technologies and to fix energy pricing where practicable.

Here at Energy Bright, we are working with our clients to help them reduce the impact of the changes in March. Our auditors provide in depth reports of your business energy efficiency, identify areas of improvement and price the rectification. Our Bureau department can interrogate your site data to ensure you are paying the correct amount on your bills and check your energy contracts to ensure you have competitive rates and are not heavily exposed to market volatility.

Solar & Storage Solutions

Your social media has likely recently been bombarded with Solar and there is good reason for it. Solar energy does provide an easy, cost effective way for you to reduce your overall consumption profile throughout the day and will reduce exposure to astronomical pricing (the electricity generated is free!). Coupled with battery storage, that energy generated throughout the day can be discharged into the site's network when the sun has gone down meaning more savings at the peak hours of a winter day!

Reach out for a free, no obligation quote for our Solar & Storage solution. We are very competitive, fully qualified, insured and will not sell you more than you need! Importantly too....we can also have installations installed within a matter of weeks, before the EBDS conclusion to protect businesses from market price hikes!

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