What can brokers do to react to the UK Energy Crisis?

The past month has been a tumultuous time in the UK’s energy market. Prices have spiked numerous times and suppliers have been pulling pricing constantly. The difficulty for brokers lies in the fact we are now trying to sell contracts where rates are at least 30% higher than customers signed on their previous contract. The consensus is that the market volatility will probably last for another 2-3 months at least. Once winter natural gas storage levels have stabilised, we should hopefully see prices begin to stabilise also.

We would recommend that brokers concentrate on selling to more prominent suppliers as they are more likely to stay stable throughout the current crisis. We would also recommend focusing on customers that are currently on out of contract rates or variable tariffs as they might not realise, they are paying over the odds even whilst fixed contract prices are high. Getting them locked in on a lower fixed rate even if it is for a short term could prove to be worthwhile for yourself and the customer.