UK Energy Market in Crisis as Price Hikes Arrive
The UK energy market is in crisis as big hikes in rate prices have left many energy suppliers struggling to stay afloat.
Grim predictions in the Financial Times have one energy consultancy predicting there could be ‘less than 10 suppliers by the time we come through winter’, with 49 suppliers currently operating, according to latest available data from Ofgem, the energy regulator.
UK business and energy secretary, Kwasi Kwarteng, has been meeting with energy suppliers to discuss the unfolding situation, with surging wholesale prices putting the pressure on customers.
Reasons for these rises include:
- Summer heatwaves increasing demand in relation to air conditioning and refrigeration
- Economic activity increasing post-lockdown
- Calm weather seeing wind speeds drop dramatically, cutting wind turbine electricity production which forces more pressure on fossil fuel energy
- Potential Russian restrictions on supply lines as they deal with their own domestic demand
How can this affect your business?
As an organisation, you should be keenly aware of your energy bills, which can have a big impact on your profit margins. It is essential to ensure you are getting the best deal in an increasingly expensive and volatile market.
You may think using an energy broker is the best way forward, but be cautious of this approach.
Why should I be cautious?
Energy mis-selling is rife in the business sector, with energy brokers at the heart of the issue. Concealing commission fees, choosing energy suppliers who offer better terms to the broker and brokers who operate without the client’s best interests as a priority are all signs of business energy mis-selling.
If you’ve used a broker in the past, there’s a strong possibility that you could have been mis-sold to some extent. Did you know you can start a business energy claim and recover compensation for mis-selling?
How do I start a business energy claim?
The process of starting a claim is simple. Call Winns and speak to our dedicated business energy claims team. We will ask for relevant paperwork for the period you believe you may have been mis-sold and then work with our partners at PanoServe, who will study the documents for signs of mis-selling.
If it is evident, our legal team will drive your claim, on a no win no fee basis, seeking compensation from those that have mis-sold. Utilising our legal skill and experience in claims, we can get the compensation you deserve after broker business energy mis-selling.
We work on a percentage basis, meaning we only take a set percentage of the compensation awarded. No excessive costs, no spiralling fees based on the complexity of the claim, just the knowledge that you know how much we’ll take for our fees from the outset.
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