Factors That Effect the Price of Utilities

еса business energy T 01246 290 490 W ecaBusinessEnergy.com buy better, use less Factors that effect the price of utilities There are a variety of different factors that impact the price of utilities. Here we will look at several examples of these. £ NEWS Crude oil prices can fluctuate greatly. In 2014 the average price per barrel was $105 but in 2020 it is currently $30. Key factors that can cause the price of crude oil to vary include economic news, overall supplies, and demand from consumers. World events such as a war or World events can also affect the natural disaster occurring in price of business electricity in Britain somewhat more than countries that produce gas and oil can impact the ability to produce and transport fuel. other nations due to the fact that since 2004, Britain has used more gas than it has produced which has increased UK demand for imported fuel This in turn will see an increased demand, which is higher than the initial amount of supply, creating more competition for the resources available, resulting in an increase of business electricity prices. Sources. Economic growth and increased industrial production can increase the demand for OPEC is an international oil producing cartel that plays a vital role in determining global oil supplies. crude oil. REPORT 0000 0000 Weather can impact the price of electricity. This is not really an issue for one-off events but Key reports that affect crude oil prices in the short term are weekly inventory statistics from the American Petroleum continued severe weather can cause damage to power lines and distribution systems - all of which have to be paid for to be repaired. This can result in costs getting filtered down to Institute and U.S. Energy Information Administration. Customers. OUTDATED Extreme temperatures can cause increased electricity costs as well, due to more excessive New industry regulations on energy efficiency and climate change installed by governing bodies such as Ofgem and the EU require Britain's largely outdated energy infrastructure to be replaced. This factor will cost a lot of money and could lead to an increase in energy use. For example, in the winter you would have the heating on more to keep warm but in the summer, you use more air conditioning to keep temperatures cooler. The more energy you consume, the higher your electricity bills are. bills. ECA Business Energy provide independent electricity, gas and water advice and procurement for business throughout the UK. For more details about their business energy services please visit www.ecabusinessenergy.com eca business energy ECA Business Energy ECA House 1 Dronfield Court buy better, use less Civic Centre Dronfield S18 1NQ T 01246 290 490 W ecaBusinessEnergy.com