Sorola Energy Reports Significant Fall In Energy Prices For Local Business

Business Energy Broker, Sorola Energy has seen first-hand the difficult position businesses have been facing with skyrocketing energy bills.

Since the UK emerged from the COVID-19 lockdown restrictions gas prices started to steadily increase, which was then greatly expedited following the invasion of Ukraine by Russia.

After seeing business owners in South Yorkshire face unprecedented price hikes of over 500% with rates increasing from single digits, to over 24pp kwh (pence per Kilowatt Hour) and standing charges following the same trajectory, Sorola has welcomed declining wholesale gas prices in 2023 which impacted on energy prices to drop significantly.

Based on an average business in Rotherham, the latest rates received, shows unit rates as low as 13pp kwh and standing charges falling from £3.62 per day to a very reasonable £0.25p per day.

These unit rates have seen annual costs drop from £4,000 at the end of 2022, to just over £1,300.00 in 2023.

It’s believed several factors are influencing the fall in gas prices, including milder weather and reduced demand from China, but as with all energy sources over the past couple of years, the market remains volatile.

Several factors could quickly drive prices back up again, making now an ideal time to consider locking-in contracts with renewal dates up to and including summer 2023.

With further support for businesses announced by the government in the form of the Energy Bill Discount Scheme, consumers should see the benefits of this in the short term. With so many moving parts in play, it’s difficult to forecast energy prices, and wholesale energy costs are constantly shifting.

If you need more information regarding the current energy situation, advice on your own business energy or would like to review your energy bills, contact Sorola Energys friendly team, and they’ll find a tariff that works for you.

• PP KWH – Pence Per Kilowatt Hour
• Energy Bill Discount Scheme – https://www.gov.uk/guidance/energy-bill-relief-scheme-help-for-businesses-and-other-non-domestic-customers