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From: "Stuart Baikie" <marketing@fidelity-group.co.uk>
To: "Bob Home" <bob@sarahharvey.com>
Subject: Welcome to new energy market update
Date: Tue, 24 Jun 2025 10:09:21 +0100
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Good morning,
Please find below your weekly business energy update, beginning with our
summary recommendation.
Summary: This week, gas and electricity prices are rising sharply across all
future contracts, driven by geopolitical instability in the Middle East,
strong oil prices, and slow gas storage refills in Europe.
Our recommendation: With market conditions indicating a likely rise in
prices, our updated recommendation is to secure your rates now for contracts
expiring within the next 12 months. Acting today will allow you to
capitalize on current pricing and significantly reduce your risk against the
sharp increases expected towards the year-end.
<https://stratus.campaign-image.eu/images/232114000002060142_zc_v1_1750755431918_artboard_17.png>
What’s happening in the gas market?
Trend: 12-month gas prices are now nearing levels last seen in early
February 2025, with 24-month and 36-month contracts also up sharply. The
market is increasingly pricing in future disruption risk rather than
reacting to current physical tightness.
Main drivers:
* Middle East instability threatens energy shipping: Escalating conflict
involving Iran is sparking fears of disruptions to oil and LNG shipments,
especially through the critical Strait of Hormuz.
* Strong oil prices impact future gas outlook: Rising oil prices, driven by
a "war-risk premium," are making people more cautious about long-term gas
prices, even though demand is currently weaker.
* Slow EU gas storage refill raises winter concerns: While the UK's gas
storage levels look good, Europe's progress in refilling its own storage is
behind schedule, which could create issues for winter 2025/26.
* Summer trading lowers liquidity, boosts volatility: Fewer traders in the
market over the summer means bigger price swings, making any upward price
movements on the curve seem more dramatic.
What’s happening in the electricity market?
Trend: Electricity prices for 12 – 36 month terms have risen sharply,
particularly the 12-month strip which is now at its highest level since
January.
Main drivers:
* Rising gas prices push up electricity costs: Because gas is a key factor
in setting power prices, as gas prices increase, electricity prices are also
going up across the board.
* Carbon prices rebound, Increasing fossil fuel costs: Both UK and EU carbon
allowance prices have risen slightly, making it more expensive to generate
electricity from fossil fuels in the future.
* Geopolitical Instability adds risk premium: Growing global uncertainty has
made the market more cautious, leading traders to hedge their long-term
investments against potential risks.
* European concerns Impact winter pricing: Reduced availability of French
nuclear power and potential issues with electricity interconnectors this
winter are contributing to higher forward prices.
If you are looking to review your energy prices, please call us today and
speak to one of our experts. With access to a huge range of leading energy
suppliers we save our customers 20% on average!
<tel:08008406800> Just call 0800 840 6800
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style=3D"font-size: 11pt;">Good morning, </font></span><div><font =
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11pt;"><br></font><div><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Please find below your weekly business energy =
update, beginning with our summary recommendation.
</font></span></div></div></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
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</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113569420" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113569420" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:7px;padding-bottom:7px;padding-right:20px;padding-left:20px"=
>
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componentpaddingbottom=3D"7px" componentpaddingleft=3D"20px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"7px" =
style=3D"line-height: 15pt;"><span><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><b>Summary:</b> This week, gas and electricity =
prices are rising sharply across all future contracts, driven by =
geopolitical instability in the Middle East, strong oil prices, and slow =
gas storage refills in Europe. </font></span><div><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: =
15pt;"><br></font></span></div><div><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><b>Our recommendation:</b> With market conditions =
indicating a likely rise in prices, our updated recommendation is to =
secure your rates now for contracts expiring within the next 12 months. =
Acting today will allow you to capitalize on current pricing and =
significantly reduce your risk against the sharp increases expected =
towards the year-end.</font></span></div></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749638967395" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" =
style=3D"border:0px;padding:0px;width:100%;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;background-color:transparent;"=
>
<tbody><tr>
<td class=3D"txtsize" style=3D"border:0px;padding:0px =
0px;border-top:none none none ;border-bottom:none none none">
<div class=3D"zpelement-wrapper image" coupcmp =
id=3D"elm_1749638967395" prodcmp =
style=3D";word-wrap:break-word;overflow:hidden;padding:0px;background-col=
or:transparent;">
<div>
<table align=3D"left" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"text-align:left;width:100%;padding:0px;border:0px;border-collaps=
e:collapse; mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;text-align:center;padding-top:5px;padding-bottom:5px;padding-right:2=
0px;padding-left:20px">
<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000002060142_1_1749=
639545524_zc-noimage.png" class=3D"zpImage" height=3D"auto" hspace=3D"0" =
size=3D"F" =
src=3D"https://stratus.campaign-image.eu/images/232114000002060142_zc_v1_=
1750755431918_artboard_17.png" =
style=3D"width:560px;height:autopx;max-width:560px =
!important;border:0px;text-align:left;" vspace=3D"0" width=3D"560">
</td></tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113762791" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113762791" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:10px;padding-bottom:1px;padding-right:20px;padding-left:20px=
">
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"20px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"10px" =
style=3D"line-height: 15pt;"><span><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><span style=3D"line-height: 15pt;"><b>What’s =
happening in the gas market? </b></span><div><span style=3D"line-height: =
15pt;"><br></span></div><div><span style=3D"line-height: =
15pt;"><b>Trend:</b> 12-month gas prices are now nearing levels last =
seen in early February 2025, with 24-month and 36-month contracts also =
up sharply. The market is increasingly pricing in future disruption risk =
rather than reacting to current physical =
tightness.</span></div><div><span style=3D"line-height: =
15pt;"><br></span></div><div><span style=3D"line-height: 15pt;"><b>Main =
drivers:</b></span></div></font></span></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113792010" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113792010" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:1px;padding-bottom:1px;padding-right:20px;padding-left:1px">=
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"1px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"1px" =
style=3D"line-height: 15pt;"><ul><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><b style>Middle East instability threatens energy shipping:</b> =
Escalating conflict involving Iran is sparking fears of disruptions to =
oil and LNG shipments, especially through the critical Strait of =
Hormuz. </font><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><span><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><b>Strong oil prices impact future gas outlook:</b> Rising oil =
prices, driven by a "war-risk premium," are making people more =
cautious about long-term gas prices, even though demand is currently =
weaker. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><span><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><b>Slow EU gas storage refill raises winter concerns:</b> While =
the UK's gas storage levels look good, Europe's progress in refilling =
its own storage is behind schedule, which could create issues for winter =
2025/26. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt;"><b =
style>Summer trading lowers liquidity, boosts volatility:</b> Fewer =
traders in the market over the summer means bigger price swings, making =
any upward price movements on the curve seem more =
dramatic.</font></ul></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113855279" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113855279" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:10px;padding-bottom:1px;padding-right:20px;padding-left:20px=
">
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"20px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"10px" =
style=3D"line-height: 15pt;"><span><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><span style=3D"line-height: 15pt;"><b>What’s =
happening in the electricity market? </b></span><div><span =
style=3D"line-height: 15pt;"><br></span></div><div><span =
style=3D"line-height: 15pt;"><b>Trend:</b> Electricity prices for 12 =
– 36 month terms have risen sharply, particularly the 12-month =
strip which is now at its highest level since =
January.</span></div><div><span style=3D"line-height: =
15pt;"><br></span></div><div><span style=3D"line-height: 15pt;"><b>Main =
drivers: </b></span></div></font></span></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113890718" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1749113890718" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:1px;padding-bottom:1px;padding-right:20px;padding-left:1px">=
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"1px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"1px" =
style=3D"line-height: 15pt;"><ul><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><b style>Rising gas prices push up electricity costs:</b> Because =
gas is a key factor in setting power prices, as gas prices increase, =
electricity prices are also going up across the board. </font><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt;"><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt;"><b>Carbon prices =
rebound, Increasing fossil fuel costs</b>: Both UK and EU carbon =
allowance prices have risen slightly, making it more expensive to =
generate electricity from fossil fuels in the =
future. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><span><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><b>Geopolitical Instability adds risk premium</b>: Growing global =
uncertainty has made the market more cautious, leading traders to hedge =
their long-term investments against potential =
risks. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt;"><b =
style>European concerns Impact winter pricing</b>: Reduced availability =
of French nuclear power and potential issues with electricity =
interconnectors this winter are contributing to higher forward =
prices.</font></ul></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1749113919147" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
=09
<div class=3D"zpelement-wrapper divider" id=3D"elm_1749113919147" =
style=3D";word-wrap:break-word;overflow:hidden;background-color:;">
<table bgcolor border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt;font-size:5px; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;background-color:;" width=3D"100%">
<tbody><tr><td class=3D"txtsize" style=3D"border:0px;padding:10px =
7px 18px 7px;border-collapse:collapse;">
<div class=3D"divider" componentborder=3D"#cecece" =
style=3D"margin:0px;padding:0px;text-align:center;"><table =
align=3D"center" border=3D"0" border-color=3D"#cecece" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"dvdrtbl" style=3D"border: 0px; font-size: =
0px; width: 50%; margin: auto; border-collapse: initial;" width=3D"50%"> =
<tbody><tr><td align=3D"center" height=3D"0" style=3D"border-top: 2px =
solid rgb(206, 206, 206); border-bottom: none rgb(206, 206, 206); =
border-left: none rgb(206, 206, 206); border-right: none rgb(206, 206, =
206); font-size: 0px; margin: 0px; padding: 0px; width: 100%;" =
width=3D"100%"> </td> </tr></tbody></table></div>
</td></tr></tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1740584983203" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1740584983203" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:5px;padding-bottom:1px;padding-right:20px;padding-left:20px"=
>
<div componentlineheight=3D"15pt" =
componentpaddingbottom=3D"1px" componentpaddingleft=3D"20px" =
componentpaddingright=3D"20px" componentpaddingtop=3D"5px" =
style=3D"line-height: 15pt;"><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">If you are looking to review your energy =
prices, please call us today and speak to one of our experts. With =
access to a huge range of leading energy suppliers <b>we save our =
customers 20% on average!</b></font></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1514380596791" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
=09
=20
=20
=20
<table bgcolor=3D"transparent" cellpadding=3D"0" cellspacing=3D"0" =
style=3D"border:0px;border-collapse:collapse; mso-table-lspace:0pt; =
mso-table-rspace:0pt;border:none;" width=3D"100%">
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px 15px;border-top:none none =
none;border-bottom:none none =
none;padding-top:20px;padding-bottom:20px;padding-right:20px;padding-left=
:20px;">
<div class=3D"zpelement-wrapper buttonElem" =
id=3D"elm_1514380596791" =
style=3D"overflow:hidden;word-wrap:break-word;">
<div class=3D"zpAlignPos" style=3D"text-align:center;">
<table align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"border:none;padding:0px;border:0px;margin:0px =
auto;border-collapse:separate; mso-table-lspace:0pt; =
mso-table-rspace:0pt;">
<tbody><tr>
<td align=3D"center" class=3D"txtsize" =
style=3D"border:0px;padding:0px;color:#ffffff;font-family:Arial, =
Helvetica;font-weight:bold;text-align:center;border-radius:6px;text-align=
:center;cursor:pointer;">
<!--[if mso]>
<v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" =
xmlns:w=3D"urn:schemas-microsoft-com:office:office" =
href=3D"tel:08008406800" =
style=3D"border-radius:6px;height:36px;v-text-anchor:middle;width:250px;"=
arcsize=3D"6%" strokecolor=3D"#ffffff" strokeweight =3D"0px" =
fillcolor=3D"#d12137">
<v:stroke dashstyle=3D"solid" />
<w:anchorlock/>
<center =
style=3D"direction:ltr;color:#ffffff;font-family:Arial, =
Helvetica;font-size:11pt;font-weight:bold;">Just call 0800 840 =
6800</center>
</v:roundrect>
<![endif]-->
<a align=3D"center" href=3D"tel:08008406800" =
style=3D"padding:0px =
0px;background-color:#d12137;width:250px;height:36px;font-size:11pt;direc=
tion:ltr;font-family:Arial, =
Helvetica;color:#ffffff;cursor:pointer;text-decoration:none;border-radius=
:6px;border:0px solid =
#ffffff;border-collapse:separate;display:table;mso-hide:all;text-align:ce=
nter;" target=3D"_blank" zcurl_name=3D"l_2">
<font =
style=3D"color:#ffffff;display:table-cell;vertical-align:middle;">
Just call 0800 840 6800
</font>
</a>
</td>
</tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1737993471505" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<table bgcolor=3D"#f0f0f0" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" =
style=3D"border:0px;padding:0px;width:100%;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;background-color:#f0f0f0;">
<tbody><tr>
<td class=3D"txtsize" style=3D"border:0px;padding:0px =
0px;border-top:none none none ;border-bottom:none none none">
<div class=3D"zpelement-wrapper image" coupcmp =
id=3D"elm_1737993471505" prodcmp =
style=3D";word-wrap:break-word;overflow:hidden;padding:0px;background-col=
or:#f0f0f0;">
<div>
<table align=3D"left" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"text-align:left;padding:0px;border:0px;border-collapse:collapse;=
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
<tbody><tr><td class=3D"bannerimgpad" =
style=3D"border:0px;padding:0px;text-align:center;padding-top:0px;padding=
-bottom:0px;padding-right:0px;padding-left:0px">
<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000000038171_zc_v1_=
1737994809315_artboard_2.png" class=3D"zpImage" height=3D"auto" =
hspace=3D"0" size=3D"B" =
src=3D"https://stratus.campaign-image.eu/images/232114000002060142_2_1749=
112980733_2.png" style=3D"width:600px;height:autopx;max-width:600px =
!important;border:0px;text-align:left;" vspace=3D"0" width=3D"600">
</td></tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1737993506327" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<table bgcolor=3D"#f0f0f0" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" =
style=3D"border:0px;padding:0px;width:100%;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;background-color:#f0f0f0;">
<tbody><tr>
<td class=3D"txtsize" style=3D"border:0px;padding:0px =
0px;border-top:none none none ;border-bottom:none none none">
<div class=3D"zpelement-wrapper image" coupcmp =
id=3D"elm_1737993506327" prodcmp =
style=3D";word-wrap:break-word;overflow:hidden;padding:0px;background-col=
or:#f0f0f0;">
<div>
<table align=3D"center" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"text-align:left;padding:0px;border:0px;border-collapse:collapse;=
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:center;"=
>
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;text-align:center;padding-top:10px;padding-bottom:5px;padding-right:=
20px;padding-left:20px">
<img align=3D"center" =
alt=3D"https://stratus.campaign-image.eu/images/232114000000038171_1_1737=
994852865_zc-noimage.png" class=3D"zpImage" height=3D"auto" hspace=3D"0" =
size=3D"O" =
src=3D"https://stratus.campaign-image.eu/images/232114000002060142_zc_v1_=
1749118221193_energy___landscape.png" =
style=3D"width:250px;height:autopx;max-width:250px =
!important;border:0px;text-align:center;" vspace=3D"0" width=3D"250">
</td></tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1593407394601" =
style=3D"border:0px;padding:0px 0px;border-collapse:collapse;" =
valign=3D"top">
<div class=3D"zpelement-wrapper" id=3D"elm_1593407394601" =
style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:#f0f0f0;">
<table bgcolor=3D"#f0f0f0" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" class=3D"zpAlignPos" =
style=3D"padding:0px;border:0px;border-collapse:collapse; =
mso-table-lspace:0pt; =
mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: =
100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
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style=3D"border:0px;padding:7px =
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