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.
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
We're supporting the Young Green Briton Challenge – and here’s why you should too
Run as a collaboration between GenEarth, Social Innovation for All CIC and Ministry of Eco Education, bringing together volunteers and green professionals with a wealth of experience, and – most importantly – passion for sustainability and youth engagement
Switch to Ecotricity for 50% off your Vegan Camp Out 2025 Early Bird ticket!
Don’t miss out – switch to Ecotricity’s Green tariffs between 26th and 29th July to get 50% off your Early Bird Vegan Camp Out 2025 ticket.
Tackling The Challenge of Transport Emissions
The transport sector has been the largest contributor to UK greenhouse gas emissions since 2016 and one of the key areas targeted by government strategy in its bid to hit its carbon reduction targets.