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This can also extend to un-adopted estates where we are responsible for street lighting, access gates or rain water surface pumps.

This may include supplies to provide electricity to communal hallway lighting, electrical apparatus such as lifts, entry phone systems (doors), fire and smoke alarms systems, emergency lighting or generators. In residential management we typically need to procure electricity or gas for communal supplies which serve the development we are responsible for. How does this impact us and our residents in the residential sector? Many suppliers will now only hold prices for minutes rather than days, underlining the volatile nature of the market. We’ve also seen a number of energy suppliers cancel contracts with a future start date or increased the prices even for fixed agreements. Other energy suppliers have been putting up prices to consumers to ensure they remain in business. Since 2021, over 22 energy suppliers have collapsed – by entering the Supplier of Last Resort (SoLR) scheme.

A drop in supplies from Russia and Norway due to pipelines has also contributed to the price rise.Įnergy suppliers have been under pressure.

The shutdown of refineries in the US for Hurricane Ida in August 2021 affected the supply of Liquified Natural Gas (LNG) globally.

Demand from Asia was higher than anticipated reducing availability of supply to the UK.

There have been several supply issues globally over the past year which have attributed to higher prices being experienced in the UK market. The UK is also heavily reliant on overseas importation of gas, meaning we are exposed to global energy demand and pricing.

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Markets were then competing to replenish gas storage levels, putting significant upward pressure on prices to ensure storage was full for winter 2021. This meant that gas which would typically be generated in the summer and stored for the winter was being used to fuel power stations instead.

Added to that were low wind levels during the summer of 2021. This put pressure on available gas supplies which were at a record low at the end of winter 2020. One reason for the increased prices relates to low storage levels of gas following a prolonged cold winter across Europe. The UK generates around a third of its own electricity from natural gas, and as such, gas and electricity prices are strongly linked.

To put the increase into context, the market is experiencing gas prices up by 350% and electricity prices up by 85% compared to December 2020. The impact of this is set to continue throughout 2022. The cost to consumers reflects the energy wholesale market which reached a record high in 2021. With prices rising on a daily basis this has proven to be more challenging than usual – see below some of the factors impacting the UK market and our approach to procurement. We have been working with our energy broker to monitor the market closely ensuring we renew at the optimal time. The energy rates impact many types of consumers from home occupiers, to commercial occupiers and supplies to shared areas within residential developments. We are responsible for over 1,600 gas and electric meters across estates we manage. You may have seen the headlines in the media of price increases for energy costs across the UK market, and it seems as though the market has no intention of slowing down.