Monday 28 February 2011

Grab energy deals now, businesses told

Businesses have been urged to lock down their energy prices in response to increasing oil prices.

Andrew Diplock at Welsh energy consultancy UES issued this advice: "The wave of serious unrest in the Middle East and North Africa - a major oil producing region - is driving up the price of crude oil on the world markets and that's now forcing up electricity and gas prices too.

"As a result, we're strongly advising our clients to lock down their energy prices as quickly as possible."

UES believe that if businesses don't act now, they could face a huge increase in costs. They cite the example of one South Wales car parts manufacturer whose total price for a 12 month contract increased by more than £50,000 in just five working days between February 16 and 22.