The year 2017 has been a busy year for electricity price rises and it doesn’t look like it will slow down any time soon. With electricity prices set to increase againbefore the year is out, how will your business be affected? Most importantly, are there are positive measures you can take to protect your business from the shocking increases in electricity prices? Yes, there are, let us tell you how.
Electricity prices are rising due to the cost of transmitting electricity. Also the Government has implemented an “energy policy” which means energy suppliers have to follow certain requirements to move to renewable energies and consider environmental impact.
The rising cost of electricity contributed to inflation’s rise to 2.9% in May this year, its highest level in three and a half years.
Increasing electricity prices have a massive knock on affect. Depending on the type of business you have not only are your immediate electricity prices increasing but any outside sources you depend on for your business will have to increase their prices to you. For example,any suppliers and distributors you deal with will be impacted by the increasing electricity prices and to cover theincrease, they will have to put up the price you pay them. So every link in the chain is affected.
Want to reduce the cost of electricity and bring down inflation rates? The solution is quite simple: shop around for a better deal. If you remain on a rollover contact or even worse,an out of contract rate as many businesses do, you will be stung with rates of up to 100% more than a contract rate. Yet by switchingwhen your contract comes to an end you will help improve competition and service, enable new suppliers to come to the market, drive innovation and ultimately attain in a better deal for everyone. So don’t sit back and accept price increases and higher inflation rates, make a change today.