What's happening in the market now following Centrica's announcement?

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As we’ve previously reported, the closure of Rough has sparked fears about the nation’s gas supplies going into winter and the potential for subsequent increases in the price of energy.

Additionally, you may have noticed fuel prices creeping up, which is having a knock on effect on everyday goods and pushing up the rate of inflation. 

In terms of energy companies, there has been no official movement yet but early signs are beginning to emerge, with some suppliers withdrawing the cheapest tariffs without notice. Prices on the wholesale gas market – where suppliers buy their energy from before selling onto their customers – are also on the rise.

Naturally, business energy customers behaviours are changing in light of this news and some are even opting for longer business energy contracts – 1, 2, 3 or even 4 years – to lock in prices and protect their businesses from any potential movement in the energy market. 

Make It Cheaper's energy expert Sarah Fenton said:

“It’s likely that we will begin to see an overall energy price rise, starting with the independent suppliers first who are more reactive to the impact of activity in the wholesale energy market. But, with the Big Six holding out and absorbing the loss created by increases earlier this year, we can see that they too are beginning to follow suit and pass this wholesale price increase on to their customers".

With so much uncertainty in the market at present, now is definitely a good time to see if you can save money on your business energy. At Make It Cheaper, we specialise in helping you do just that.

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