As business energy suppliers look to allow their customers more flexibility, they are competing with each other to extend their renewal window. British Gas are often the first to initiate these moves as others closely watch the response from the market. They extended their renewal window from 6 months to 1 year and brokers, businesses and consultants were all pleased. Unsurprisingly other suppliers are beginning to follow suit. So far we’ve had extensions from SSE, Opus, and Gazprom. More are expected.
Supplier Renewal Windows
British Gas: 12 Months
SSE: 12 Months
Opus: 8 Months
Gazprom: 24 Months
In case you’re not sure what the renewal window is – it’s the period of time that suppliers will offer you prices for your next contract with them. This for many years used to be only 60 days. This often meant that businesses whose contracts ended in busy periods or didn’t have designated staff to deal with their energy, ended up getting rolled over and into further contracts. Thankfully this 60-day window was extended to 6 months for the last few years. This meant businesses had 6 months to shop around, get good prices and lock them in early before any price rises.
Now, this is being extended further, which means great news for businesses.
Check back here for more updates as I’m sure more suppliers will continue to extend their renewal window.