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 0345 555 7100 or email home@ecotricity.co.uk.

21 Sept 2021

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

How much green energy does Ecotricity generate?

Have you ever wondered how much green energy we generate every year? The past couple of years (2023 and 2024) were our second-highest generation ever and the totals keep climbing in our mission to end fossil fuels.

10 climate change facts you can’t afford to ignore

Global warming is showing no sign of slowing down. Human activity is pushing temperatures higher than ever before, with the risk of a tipping point from which we can never recover getting closer by the minute.

How Smart Meters Work - A Simple Guide

Having a smart meter installed will help you monitor your energy use, but how does it work, and why is it good for the environment? We’re here to help answer this.