A statement from our founder, Dale Vince, on the energy crisis
Press enquiries
If you are a journalist with a media enquiry, please contact our Press Office by email at pressoffice@ecotricity.co.uk
For all other general enquiries, please call 01453 756 111 or email home@ecotricity.co.uk.
A statement from our Founder:
Hi there,
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.
Dale Vince
Founder
PS – I spoke to Jon Snow on Channel 4 News about the crisis.
Similar articles
Guest blog: Becoming a sustainable business – closing the value-action gap
Those organisations which have successfully rewired themselves to embed sustainability into the heart of what they do, instead of it being ‘on top of’ what they do, are accessing new opportunities and strengthening their economic positions as a result.
Climate change - can we fix it? Yes, we #CAN(Bill)
With a general election around the corner, we urgently need parliamentary candidates to back the Climate and Nature Bill (formerly Climate & Ecology Bill). That’s why we’re supporting our friends over at Zero Hour in their mission to make this happen.
Earth Day 2024: Planet vs Plastics
This Earth Day, we’re joining the call to demand a 60 percent reduction in the production of all plastics by 2040. To do this, the world needs to stop making single-use plastics by 2030 and commit to funding innovative technologies to replace them.