Business energy users in the hospitality sector have been encouraged to compare prices and switch energy supplier in order to find a cheaper deal.
This is according to a new report from buying specialist Lynx Purchasing, which warned firms need to act quickly to protect themselves against volatility on world markets.
The organisation claimed that by signing up to multi-year contracts, companies could save thousands of pounds on their expenses.
Managing director of the firm John Pinder said: "With utility prices currently as low as they've been for a couple of years, but expected to rise, we believe [now] is the time for operators to look at longer-term, two to three-year utility deals."
He explained that with prices driven by world events, the continued downturn in the European economy and tensions in the Middle East are likely to lead to another spike in costs the near future.
Recently, it was reported by This is Money that Ofgem has been urged to do more to help business electricity and gas customers that are in dispute with their energy supplier.
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