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Groundhog Day: Check you aren’t stuck paying last year’s prices for your energy

Today is Groundhog Day, a bizarre tradition that comes from Pennsylvania folklore and that was popularised by the 1993 film in which Bill Murray is forced to relive the same day over and over and over again. So in the spirit of the day, we are encouraging all businesses to check that they are not stuck paying last year’s prices for their commercial gas and electricity.

Are you stuck buying energy at last year’s prices?

In recent weeks, wholesale energy prices have dropped to their lowest levels in at least five years. Mild winter weather and low commodity prices (particularly oil) have driven down prices that suppliers pay for gas and electricity. But energy companies have failed to reduce their retail prices in line with falling costs of production, prompting market regulator Ofgem to claim last month that customers were being “overcharged in many cases.” chart11 Buying organisations agree that the best way to make sure you are paying the best price for your energy is to regularly switch providers in search of the cheapest deal. If you have been stuck with the same energy provider, on the same standard tariff, for a number of years, then you stand to save hundreds, if not thousands of pounds by making a switch. The easiest way to make a switch is by using a business energy broker like Utility Helpline. We keep track of the latest market trends and can offer advice on what kind of contract would suit your business best, and when the best times to buy are. Call today and have a friendly chat with a member of Utility Helpline’s award winning accounts team and they will be able to tell you if you stand to save some money. Telephone: 0800 043 0423.

Groundhog Day

Groundhog Day is an unusual, yet charming American tradition that originated in the enchantingly named Punxsutawney in Pennsylvania. In a dawn ceremony, famed groundhog Punxsutawney Phil will leave his artificially heated hibernation den and be brought before his top-hatted helpers who are responsible for interpreting his actions and making weather predictions based on them. According to legend, if Phil sees his shadow and returns to his den then the United States is due for six more weeks of winter. If, on the other hand, he doesn’t see his shadow, then the country can expect some milder weather and an early spring. Although groundhogs, also known as woodchucks, have built up a reputation as historical weathermen, are usually less than trustworthy. Before you go basing your holiday plans, or god forbid your energy buying strategy on whether Punxsutawney Phil sees his shadow, it is worth noting that the National Oceanic and Atmospheric Administration say that the groundhog’s forecasts have been off 55% of the time in the past three decades. For more accurate weather and market predictions, subscribe to our weekly market monitoring report.

Published by Utility Helpline on (modified )