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Energy debt hits record £3.8bn, as Ofgem propose initiatives to raise standards
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Reflecting on six months of team growth at BFY
There's been significant change at BFY HQ over the past six months. Welcoming new faces to the team is always exciting, and we've had the pleasure of doing this on 10 occasions since June 2022.
Government saves £0.26bn in December from reduced customer gas usage
Demand for gas amongst residential and small-business customers was almost 9% lower than expected in December, saving the government an estimated £260m on payments avoided via the Energy Price Guarantee (EPG) scheme.
Driving Operational Excellence
BFY help you to think ahead and solve your most challenging issues, with a team of operational excellence specialists and deep industry expertise.
Cost of living crisis - Are you managing debt effectively?
External cost of living pressures are continuing to have a significant impact upon customers and their ability to pay, leaving suppliers with mounting debt books that are increasingly difficult to manage.
How BFY became a certified Great Place To Work
Since September 2022, BFY Group has been officially recognised as a Great Place To Work - a milestone that we're extremely proud of. It's taken a huge collective effort to reach this point, building on some valuable lessons from our past.
We are facing an energy affordability crisis
The rising price of wholesale gas is impacting consumers across the UK, and new research from BFY suggests that things are only going to get worse. With the price cap for the Q4-22 set to outturn at £3,600 and the Q1-23 at over £4,700, the average bill for January alone is likely to reach £600 – a price that too many consumers will simply not be able to afford.
Energy Bills Projected To Reach £500 by January 2023
All time high wholesale prices for winter have pushed the forecast for the Q4 and Q1 price caps to new highs with average energy bills for January 2023 alone now forecast to be above £500.
It’s going to cost EUR62 Billion to meet new EU gas storage legislation
The European Commission proposed new legislation stating that countries would need to ensure gas storage sites reach 80% filled by 1st November. This is an attempt to ensure security of supply in the coming winter. However, with the current high prices seen in the market, partly driven by the conflict in Ukraine, the cost to reach this milestone based on current market prices, is significant.
Price Cap Rises to £1971
Shakespeare’s Richard III proclaimed that “Now is the winter of discontent”; with the announcement this morning of Ofgem’s price cap level for summer 2022, are we now heading towards a summer of discontent?
Deeper dive into European Gas Storage
We've seen a lot of discussion on how Gazprom owned/controlled gas storage sites have significantly lower inventory than seasonal norm, and our initial analysis shows that other site owners also have reduced volume.
Major European countries are 25%-40% short on gas inventories vs seasonal norms.
While we've discussed the position on Europe being ~15% short in aggregate, it's also important to look at the underlying position to find the drivers.
What's the risk of buying energy Day Ahead?
We were asked recently on what the risk/impact of buying energy Day Ahead, my initial view was 'more expensive in a risking market, cheaper in a falling market'.
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