A statement from our founder, Dale Vince, on the energy crisis
A statement from our Founder:
I spent most of yesterday talking to Britain’s media about the energy crisis.
I’m sure you are aware of it - you couldn’t miss it. There’s been so much coverage around the rising price of gas and electricity and the knock on impact of several energy companies already going bust - with more expected to follow.
It’s important to know that these companies did not hedge their electricity and gas supplies, meaning they did not secure them in advance - as such they gambled on market prices - and lost.
As I said in several interviews yesterday, Ecotricity has hedged its electricity and gas supplies, it’s the proper way to do things and how we operate. We have 90% of our requirement bought in advance for 12 months, the other 10% is not available until closer to the point of delivery.
We are thus protected to the maximum possible. We are exposed for that 10% and also in something known as the balancing market where prices have increased four-fold. But this exposure is a fraction of what it is for unhedged companies. We are the longest-established independent energy company in the Britain, and well used to these periodic energy market crises.
We’re in as good a position as we can be – and our trading team are keeping a close eye on the situation.
Thanks for being with us.
PS – I spoke to Jon Snow on Channel 4 News about the crisis.
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