S03E11 | The 2024 Energy Market with Liam Conway

Hosts: Pete Comerford and Mike Bolton

Guest: Liam Conway

Episode Title: The 2024 Energy Market with Liam Conway

Release Date: August 20th, 2024

Episode Summary:

In this episode, Pete and Mike sit down with Liam Conway from Greenfields Energy Group to discuss the state of the energy market as of 2024. Liam shares his expert perspective on how the market has evolved since the chaotic period of 2022, the impact of wholesale cost changes, and strategies businesses can adopt to manage their energy consumption and costs effectively. The conversation covers flexible energy contracts, the importance of understanding different cost components in energy bills, and the significant changes in energy contract structures.

Key Discussion Points:

Current State of the Energy Market:

• The drastic reduction in wholesale electricity and gas costs since 2022.
• Comparison of current prices to the highs experienced during the Ukraine-Russia conflict.

Flexible Energy Contracts:

• Explanation of flexible vs. fixed energy contracts and their benefits.
• The importance of flexible contracts during periods of high market volatility.

Energy Cost Components:

• Breakdown of the different cost elements in commercial energy contracts.
• The impact of distribution, transmission, taxes, and levies on overall energy costs.

Targeted Charging Review:

• Introduction to the targeted charging review and its implications for businesses.
• How changes in standing charges and distribution charges affect businesses.

Energy Procurement Strategies:

• Advice on purchasing energy for businesses, including the significance of load shedding and avoiding peak charges.
• The importance of understanding contract structures and avoiding overly simplistic price comparisons.

Education and Advice:

• The role of educating businesses about their energy consumption and costs.
• The need for businesses to seek expert advice to navigate complex energy markets.

Impact on Manufacturers:

• Specific challenges faced by manufacturers regarding energy costs.
• Strategies manufacturers can employ to mitigate high energy expenses.

Learn more about Greenfields Energy Group here

Connect with Liam Conway on LinkedIn

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