Monthly Reviews

With consumer spending declining and OFGEM raising their price cap, you would be forgiven for seeing February as a month where negative news was at the forefront, but in the energy markets, this was not the case.

In a year that began with falling energy prices, there were recurring catalysts that led to prices climbing steadily higher. Geopolitical uncertainty and the perennial threat of escalating conflicts meant fear would maintain a constant presence in the wholesale markets. We will look back at the key energy stories from 2024, and how the energy markets are likely to shape up in 2025. Quarter 1  The year began with cautious optimism as the UK’s gas reserve levels were healthy and prices for the Summer’24 season were in freefall. In February, prices pulled back to their lowest levels since 2021, and for the first time in a while, we identified that there was greater potential for upside risk than for further downward price movement: “ there now (exists) an asymmetrical element of risk should the market encounter a supply-side problem of significance. ” During February we had advised customers on flexible contracts that this was an ideal time for making purchases. March would see prices begin to ascend again as international conflict would create problems with LNG imports, and we would highlight the geopolitical risks as an area for concern moving forwards: “ fears remain and there are potential negative catalysts that could lead to prices rising further, with the main factors to watch out for being based on geopolitical unrest. “ For a business that purchases their energy in advance, this quarter was the optimal time for purchasing during 2024. In February, electricity prices for Winter’25 were down to 7.75p/Kwh, and as low as 6.05p/Kwh for Summer’25. Winter’25 ended the year with prices above 11.1p/Kwh, with Summer’25 prices exceeding 9p/Kwh. For a company that uses 500,000Kwh of electricity per month, the difference between buying at the February low point compared to today’s prices would represent a yearly saving of over £200,000.

Should I Use an Energy Broker/Partner? With energy markets becoming increasingly complex and volatile, many UK businesses are asking the same question: is it worth using an energy broker/ partner? While it’s possible to manage energy procurement and administration in-house, doing so effectively requires time, expertise, and constant market awareness. For many organisations, working with a specialist partner can unlock significant savings and remove a substantial administrative burden. Smarter Procurement and Market Timing One of the primary reasons businesses engage an energy broker is procurement . Securing a competitive contract is about far more than simply comparing prices at renewal. A competent energy broker will monitor wholesale markets daily, advise on the best time to contract, provide access to a wide range of suppliers and contract structures, and tailor strategies based on your budgetary needs. This dedicated market insight can help businesses avoid locking into contracts during market peaks and instead secure energy when conditions are more favourable. Invoice Validation: Are You Being Overcharged? Energy billing is notoriously complex, and errors are more common than many businesses realise. Without proper scrutiny, overcharges can go unnoticed for months or even years. A good energy partner will validate invoices against contract terms allowing them to identify incorrect charges or discrepancies. They will then contact your supplier to recover historical overpayments ensuring that you haven’t paid more than necessary and your team don’t have to use their time in dealing with suppliers. This ongoing oversight ensures you only ever pay what you should, not what you’re billed. Support with Suppliers, DNOs and Disputes Dealing with energy suppliers and network operators can be time-consuming and, at times, frustrating. Whether it’s billing disputes, contract queries, or technical issues, having expert support can make a significant difference. An experienced broker can act as a single point of contact for suppliers, liaise with Distribution Network Operators (DNOs) , and support escalations -- including cases taken to the Energy Ombudsman. This not only saves time, but by having a team familiar with supplier’s SLAs, it ensures that issues are handled efficiently and with the right level of expertise. Specialist Cost Reduction Knowledge Beyond procurement, there are a number of technical areas where businesses can reduce costs, many of which are often overlooked. These include: kVA capacity reviews to ensure you’re not overpaying for unused capacity TCR banding optimisation , which can significantly impact network charges Identifying opportunities to reduce consumption or shift usage patterns Without specialist knowledge, these areas are easy to miss, but -- with the right guidance -- they can deliver meaningful savings without any operational disruption. Is It the Right Choice for Your Business? For smaller businesses with limited time and resource, an energy broker can provide immediate value. For larger organisations with complex portfolios, the benefits are often even greater -- particularly when it comes to validation, optimisation, and strategic planning. By having experienced external support, a business can feel confident that their energy spend is being scrutinised and managed with the correct level of attention, without having to divert the focus of employees whose time could be better spent in other areas.  Take Control of Your Energy Strategy At SeeMore Energy, we work as a true partner to our clients. By combining market expertise, technical insight, and ongoing support, we help businesses reduce costs and stay in control of their energy strategy. From procurement and invoice validation to kVA reviews and dispute management, we ensure every aspect of your energy is working as efficiently as possible. If you’re unsure whether you’re getting the best deal -- or simply want peace of mind -- get in touch today. Our expert team will help you identify savings, reduce risk, and take control of your energy costs.

For UK businesses, energy is often one of the largest operating costs. With prices remaining volatile in recent years, choosing the right supplier has become more important than ever. While many businesses focus primarily on price, the “best” supplier is rarely defined by cost alone. Instead, the most suitable supplier is one that offers a balance of competitive pricing, reliability, strong customer service, and the flexibility to accommodate the specific needs of a business. Reliability and financial stability One of the most important factors to consider when selecting an energy supplier is reliability. Businesses require confidence that their supplier will continue operating throughout the duration of the contract and can manage market volatility without disruption. The UK energy market has seen a number of supplier failures in recent years, particularly during periods of high wholesale prices. When a supplier fails , customers are typically transferred to another provider under industry arrangements, but this can create uncertainty and administrative challenges. As a result, many businesses prefer suppliers with a strong financial position and a proven track record in the commercial energy market. Competitive pricing and contract structure Price will always play a major role when businesses evaluate suppliers. However, it is important to look beyond the headline unit rate and understand the overall structure of the contract. Different suppliers may structure contracts in slightly different ways, including how they treat standing charges , non-commodity costs , and pass-through elements such as network charges or policy levies . Businesses should ensure they understand what is fixed within the contract and what could change over time. Some suppliers are better suited to particular procurement strategies. For example, some businesses may prefer fully fixed contracts for price certainty, while others may benefit from more flexible purchasing approaches that allow energy to be bought in stages. Customer service and account management Another key differentiator between suppliers is the level of customer service they provide. For many businesses, the ability to quickly resolve billing issues, obtain accurate usage data, or speak to a knowledgeable account manager can be just as important as the contract price. Suppliers with strong commercial support teams and dedicated account managers often provide a smoother experience for businesses, particularly those with multiple sites or complex energy requirements. Good customer service can also make a significant difference when dealing with contract renewals, billing queries, or meter-related issues. Flexibility to support business needs Flexibility is another important factor that is sometimes overlooked when comparing suppliers. Businesses with multiple locations, for example, may prefer suppliers that are willing to align billing arrangements across a portfolio of sites. This could include providing the same invoice date for all locations, consolidating billing where possible, or accommodating specific administrative requirements. Similarly, some suppliers are more willing than others to tailor contracts around operational needs, such as managing new site additions, handling meter upgrades, or adapting to changes in energy usage. Taking a balanced approach Ultimately, there is no single supplier that will be the “best” choice for every business. The right supplier will depend on factors such as the size of the organisation, the number of sites involved, the preferred procurement strategy, and the level of service required. By assessing suppliers across reliability, price competitiveness, customer support, and operational flexibility, businesses can make more informed decisions and ensure their energy supply arrangements support both their operational needs and their long-term cost management strategy. If you would like us to conduct a free market review on your behalf to see what rates are currently available and who different suppliers compare, contact us today and we can help see which supplier will be best for your needs.

February 2026 Review When writing monthly reviews, I research and make notes throughout the month that allow the final writing process to be straightforward, with all key points already in place. For this month, almost all of my notes had to be torn up and thrown away on the final day of February when the US declared war on Iran. It is rare that one story has the ability to cause a seismic shift of such magnitude that all other news affecting energy prices seem irrelevant by comparison, but – for the first time since the Russia-Ukraine conflict began – we have a geopolitical event of that level. Electricity prices for the Summer’26 season had dropped as low as £65.66/MWh in mid-February, but opened up at £79.70/MWh this morning, showing an over 20% increase from this low point. Meanwhile, wholesale UK gas prices are trading 25% higher than when the market closed on Friday. For a business set to consume 10,000MWh of electricity during the summer, this represents a price increase of over £140,000 when comparing today’s price to the February low point.

Where Does My Energy Come From? It’s a simple question, but the answer is more complex than many businesses realise. When you flick a switch or power up your operations, the electricity and gas you use is the end product of a vast, interconnected system of generation, infrastructure, global markets and regulation. Understanding where your energy comes from isn’t just a curiosity, it’s commercially relevant. Electricity: A Real-Time Balancing Act In the UK, electricity is generated from a mix of sources. The primary contributors today include: Gas-fired power stations Wind (onshore and offshore) Nuclear Solar Interconnectors importing power from Europe Unlike gas, electricity must be generated and consumed in real time. Supply and demand are constantly balanced by the system operator, ensuring the grid remains stable. If supply ever falls short, then prices can spike. In recent years, numerous grid updates have taken place to ensure that renewable energy can be added to the grid and quickly transported. While many businesses purchase “renewable” tariffs, this doesn’t mean the electricity you receive was generated by renewable sources. Electricity on the grid is pooled, so you don’t receive electrons directly from a specific wind farm. Instead, suppliers match your usage with renewable generation certificates (REGOs), demonstrating that an equivalent amount of green power has been produced. For larger energy users, the mix of generation matters because it directly impacts wholesale pricing. An evening with low wind output, for example, can significantly increase reliance on gas-fired generation, therefore increasing exposure to the wholesale price of gas. Gas: A Global Commodity Gas plays two roles in the UK energy system: Heating homes and businesses directly, and fuelling many power stations that generate electricity. The UK produces some natural gas domestically from the North Sea, but production has declined over the years. Today, a significant proportion of supply is imported via: Pipelines from Norway Liquefied Natural Gas (LNG) shipments – particularly from Qatar and the US Interconnectors from continental Europe Because gas is traded globally, UK prices are influenced by international supply and demand dynamics. Events in Europe, Asia or the US can directly affect what UK businesses pay. This means geopolitical events such as the threat of war in the Middle East can cause prices to rise sharply . Renewables and the Energy Transition The UK’s generation mix has changed dramatically over the past decade. Coal has been phased out, while wind and solar capacity have grown significantly. This shift brings both opportunity and volatility. Renewable generation lowers carbon intensity and reduces exposure to fuel imports. However, because wind and solar output depend on weather conditions, short-term price fluctuations have become more pronounced. For businesses with flexible procurement strategies , understanding this dynamic can create opportunities to secure more competitive pricing. Why It Matters for Your Procurement Strategy Where your energy comes from can influence many other aspects of your energy strategy, including: Wholesale market pricing Carbon reporting obligations Contract structures Long-term risk exposure Understanding where your energy comes from has never been more important for UK businesses. If you want to understand how the current generation mix and global gas markets are affecting your upcoming renewals, SeeMore Energy can help you interpret the landscape and see what options are currently available for you.

Forecasting annual electricity and gas consumption is one of the most important -- and often underestimated -- stages of the procurement process. While timing the wholesale market and contract structure typically receive the most attention, the accuracy of the consumption forecast can have a large influence on overall energy costs. Suppliers price risk based on expected volumes, network charges are dictated by usage patterns, and internal budgets depend on accurate projections. Without a reliable forecast, organisations expose themselves to avoidable financial and contractual risk. How Consumption Forecasting Works Forecasting begins by analysing historical usage. Half-hourly electricity data, meter reads, and seasonal profiles provide a baseline that shows how a site behaves over time. This historical data is then adjusted to account for known changes, such as production increases, machinery upgrades, operational reductions, or energy efficiency projects. For larger or more complex organisations, forecasting may involve modelling peak demand, load shape, and expected operational shifts across multiple sites. The aim is not simply to estimate an annual total, but to understand when and how energy will be consumed throughout the year. That detail becomes particularly important when selecting contract structures or assessing exposure to network charges. How It Impacts Budgeting Energy often represents a significant operational cost, particularly for manufacturers and other energy-intensive users. Accurate forecasting enables finance teams to build realistic budgets and avoid the shocks of unexpected costs. Reliable forecasts also allow organisations to model different pricing scenarios. Understanding likely consumption enables comparison between fixed contracts and flexible purchasing strategies . It also supports long-term planning by quantifying the financial impact of operational changes or sustainability initiatives.

Rising TNUoS and DUOS charges T.S Eliot once said that “April is the cruellest month” and in terms of the prices many businesses pay for their electricity, his quote is prophetically true. While he may not have envisioned rising TNUoS and DUoS costs being the reason for the starkness of the month, for many British businesses, the rise in non-commodity charges that take effect from April 1st will add unwanted and unneeded extra costs to their energy bills. From the beginning of April, businesses across the UK will see significant increases in two major components of their energy bills: Distribution Use of System (DUoS) and Transmission Network Use of System (TNUoS) charges. These network charges are becoming an increasingly large part of business energy bills -- especially for companies that operate in energy-intensive industries. DUoS & TNUoS, and Why They Matter Both DUoS and TNUoS are network charges applied to electricity bills. As non-commodity charges, they are not related to the cost of energy itself: DUoS charges cover the cost of running, maintaining and reinforcing local distribution networks that carry power to sites. They are paid as a standing charge (in p/day), a capacity charge (in p/kVA/month), and in red/amber/green unit rates – depending on the time of consumption. TNUoS charges fund the high-voltage transmission network operated nationally. This is applied as a standing charge (in p/day). For many businesses, these line items are already making up over a third of their total electricity costs . How these charges change from April 1st 2026 TNUoS The TNUoS rate that businesses pay is set by NESO (National Energy System Operator). How much a meter is charged per day is dependant on the assigned TCR band . For sites with lower expected consumption, they will be grouped in a lower band, whereas the largest consumers will be in the higher bands and they will be charged more.

January began with a sense of optimism. The new year brought hopes that energy prices could soon return to levels not seen since 2021, wholesale prices were falling and large quantities of new LNG were scheduled to be available for import during 2026. However, events that transpired during the first 31 days of the year have caused prices to rise and have sent waves of fear throughout the energy markets. The month began with a wave of cold weather leading to above-expected gas consumption. An Arctic blast combined with Storm Goretti brought temperatures down to below -10°C and led to gas power stations being needed to make up the shortfall, causing an uptick in wholesale gas prices.

What is the Weighted Average Price (WAP) in energy? In the UK energy market, Weighted Average Price (WAP) refers to the average price paid for electricity or gas over a period of time, weighted by the volume bought at each price point. For those on flexible energy contract, the WAP represents what the unit rate will be when multiple purchases were made for the same period. In other words, it answers the question: “What did we actually pay for our energy once all purchases and volumes are taken into account?” This makes WAP far more meaningful than a simple average, especially in volatile markets. How WAP works in practice Energy prices move constantly. Businesses, particularly those on: Flexible contracts Basket or portfolio products Pass-through arrangements often buy energy in multiple tranches at different times and prices. For example: 40% of energy bought at 10.0p/kWh 30% bought at 12.0p/kWh 30% bought at 9.0p/kWh The WAP reflects the price-weighted impact of each purchase, giving a single unit rate that reflectsthe real cost exposure. Why WAP matters to UK businesses 1. It reflects real procurement performance WAP shows how effective your buying strategy has been, not just whether the market went up or down, but how your timing and volumes performed. 2. It’s essential for budgeting and forecasting Using WAP allows businesses to: Accurately forecast energy spend Compare performance year-on-year Avoid misleading headline prices This is especially important for manufacturers and high-consumption sites where small price differences materially impact costs. WAP vs fixed prices Fixed contracts : WAP is locked in at the point of contract Flexible contracts : WAP evolves over time as more volume is bought This means WAP can improve with smart market timing and deteriorate if exposure is unmanaged. For those on fixed contracts, it can be vital that portfolios are being managed by a person or group with experience and expertise in energy markets. Ultimately, the strategy of when and how much to buy is just as important as the market itself. WAP as part of your purchasing strategy Weighted Average Price is the truest reflection of what your business actually pays for energy. Understanding it is critical to controlling cost risk in volatile markets. For larger SMEs and energy-intensive businesses, having a clear energy purchase strategy and having this strategy communicated through regular reporting can be vital for forecasting future energy costs. If your business would like assistance with understanding the current state of your portfolio, or advice on purchasing and management strategies, contact us today to see how we can help lower your electricity and gas costs and help you See More of the hidden value in your energy portfolio.

For many businesses, electricity is treated as a fixed overhead -- something that cannot be changed. But in reality, how your site is connected to the electricity network can significantly influence what you pay , and many organisations are unknowingly on a setup that no longer suits their operations. Whether your supply is Low Voltage (LV), High Voltage (HV) or Extra High Voltage (EHV) impacts network charges, flexibility, and future growth. Understanding the difference could be the key to reducing costs and avoiding any unpleasant surprises. Low Voltage (LV) Low Voltage (LV) supplies electricity at up to 1,000 volts and is the most common connection type for SMEs, offices, and retail units. LV customers usually benefit from: Straightforward billing Lower DUOS standing charges Minimal technical involvement However, simplicity can mask inefficiency. As businesses grow, extend operating hours or add energy-intensive equipment, LV sites can find themselves paying disproportionately higher network charges as red and amber unit charges make up a higher percentage of the costs. If your electricity costs have risen faster than your usage, your meter type could be part of the reason. High Voltage (HV) High Voltage (HV) connections operate between 1,000 and 22,000 volts and are typically used by manufacturers, large warehouses and energy-intensive commercial sites. HV supplies bring: Higher capacity charges Greater exposure to kVA related costs More detailed half-hourly consumption data While this can appear daunting, it also creates opportunity. Businesses that understand how and when they use electricity can actively influence costs, often achieving savings that are simply unavailable at LV. Many HV customers pay for more capacity than they need --or the wrong capacity altogether -- without realising it. Contact us today and we can conduct a kVA review that could potentially save £10,000s annually. Extra High Voltage (EHV) Extra High Voltage (EHV) applies to supplies above 22,000 volts and is reserved for the UK’s largest electricity users. At EHV level: Network charges are highly bespoke Costs are closely linked to site-specific infrastructure Small demand changes can have large financial impacts For these businesses, electricity is not just a utility, it’s a strategic cost driver that requires ongoing oversight. Without regular review and proactive management, EHV sites can sleepwalk into avoidable six-figure cost increases. Why understanding meter type matters Meter type determines: How DUoS and other network charges are applied How much control you have over peak costs Whether your connection aligns with how your site actually operates today Many businesses inherit their meter type and never question it, even when their operations change dramatically. These changes in how a meter operates can require reviews of kVA capacities, meter type, and TCR bands . All of which can help towards reducing energy spend. How we help businesses take control As an energy broker, our role goes far beyond securing competitive unit rates. We help businesses: Understand whether their current meter type still fits Identify inefficiencies hidden within network charges Plan energy strategies that support growth, not restrict it If you’d like to understand whether your LV, HV or EHV supply is working for your business, or quietly working against it, a no-obligation review could uncover meaningful savings and future-proof your energy strategy.