It’s no surprise that the lockdown implemented on March 23rd of 2020 in the UK heralded a 10% decline in electricity demand almost immediately. As businesses across the nation closed, the decline in average daytime demand caused a drop in wholesale electricity prices as renewable energy sources like wind and solar power assumed the greater burden, at the expense of gas plants.
S&P Global Platts reported that GB day-ahead electricity prices were down 10% from the week before, and down 30% year on year.
The normal energy pattern is now muddled and unreliable, as pubs, restaurants and cafes closed their doors and big manufacturers paused their operations for the time being.
The most drastic changes to the energy demand have come in the mornings at 6AM, where during times of normality the country would see factories and other businesses starting up. The 6AM demand is down a full 19% at the moment.
Interestingly enough, the National Grid has stated: “We have comprehensive and well-developed procedures in place to manage the effects of a pandemic and do not anticipate any issues in continuing to reliably supply electricity.”
So, what can I do to save on energy at this time?
The first thing you need to do is look at switching suppliers and securing a contract that will work for you in the coming months. The difference between energy deals can amount to thousands of pounds, and with the market competition rising in reaction to the fall in prices, customers can expect great deals on their contracts.
How do I secure a better contract?
Working with companies like Smarter Business will take away the headache of navigating the murky waters of energy forecasts and choosing when to buy. Smarter Business uses two unique tools to help you secure the best deals in the market.
Openview is a platform that enables Smarter Business to see the market in incredible detail, providing a forecast of prices and helping you pick the perfect time to go to market. The value in this is immense, as most business operators have far more important considerations – especially during lockdown – and don’t have the time or inclination to peruse a market analysis. Smarter Business, however, will happily assume the burden for you and provide you with the information you need to make the right choice.
Dataview is Smarter Business’ tool for gaining insight into your business’ energy usage. By tracking your usage across your assets, Smarter Business provides specific details on your energy expenditure and identifies where costs can be immediately saved. Moreover, Smarter Business can provide an energy-efficiency strategy that will allow you to save on your long-term energy costs going into the future.
While the effects of lockdown on businesses will continue into the foreseeable future, Smarter Business remains committed to its goals of providing top quality service and connecting business owners with the best contracts available.