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
A guide to Earth Day and why it matters
Our planet is incredible, but it needs our help. This April, join us in celebrating Earth Day, an annual global event that inspires collective action for environmental protection.
MoreEcotricity heroes: The 500-mile cycle challenge
On 14 April, two of our windmill technicians, Leanne and Jon, arrived at Ecotricity HQ in Stroud, having cycled an incredible 500 miles from our most northern windmill in Dundee.
More7 reasons why zonal energy pricing won’t work
The UK energy market is at a crossroads. With energy prices a major concern for households and businesses alike, policymakers are searching for solutions.
More