As the landscape in which we live and work continues to evolve around the COVID-19 pandemic, we wanted to reach out and give you an update on how the coronavirus has affected operations at Competitive Energy Services (CES).
CES is Open for Business
With the safety of our clients and employees as our top priority, we are fortunate that our work allows us to operate virtually. Although our office locations are currently closed, 100% of our operations have been moved online and all employees are working safely from their homes. We are committed to maintaining business continuity and excellent client care during this time and have implemented new policies and practices to help ease this transition.
What this means for you:
- CES remains open and CES personnel will be available via email, phone & text. We can always be reached and respond quickly!
- All meetings with CES representatives have been converted to conference calls or remote meeting platforms such as GoToMeeting, Zoom, and WebEx.
- For contracting new service or administering your current contracts, we encourage our clients to take advantage of electronic signature options offered by suppliers or ZOHO Sign, our online e-signature platform.
- You can visit our newly redesigned website at competitive-energy.com to read up on market trends, check out client profiles, and download A Pathway to a Zero-Carbon Economy by 2050, the latest publication from CES Founding Partner and CEO, Dr. Richard Silkman.
Supplier Contract Considerations
With many campus closures, voluntary and state mandated restrictions on conducting business, companies implementing work from home policies, and other consumption curtailments – there are very few businesses and organizations that are not impacted by the coronavirus crisis. It is important to remember that these changes in behavior and policy may also have an impact on your overall energy use, and in turn, your commodity supply contracts.
What this means for you:
It is still too early for most CES clients to estimate these impacts with certainty, but if you anticipate significant and prolonged changes to your regular energy use as a result of COVID-19 mitigation, we encourage you to contact your Energy Services Advisor to assess the situation and proactively review your supplier contracts.
Market Impacts on Renewals & New Contracts
Commodity markets have been on the same roller coaster we have all been feeling and witnessing over the past couple weeks. Expectations regarding falling consumption are driving down global demand for energy, while supplies of oil and natural gas remain high. Oil prices have plummeted from $60/barrel to $25/barrel, with both OPEC and Russia producers maximizing output to further flood the market. Natural gas prices have also dropped to 25-year lows in the near term, though more distant futures contracts remain higher. Forward electricity prices, which are strongly influenced by natural gas, have fallen for certain terms. It has been a historic couple weeks for energy pricing, and the outlook remains volatile as the world grapples with a global pandemic.
What this means for you:
Paying close attention to these markets could present opportunities for those looking to lock future supply prices at current market lows. CES continues to proactively manage the renewal process, but if you have questions or are curious to explore potential contract opportunities, please contact your CES Energy Services Advisor. You can also subscribe to the CES weekly Market Summary for regular updates about market conditions.
CES is Here to Help
CES understands that these are uncertain times and want our clients to know that we are here to support you. Please contact your Energy Services Advisor with questions or concerns, or contact Casey Galipeau at sales@competitive-energy.com. We will continue to monitor this evolving situation and provide additional information and resources should the need arise.
We wish everyone safety and health as we navigate these challenging times.