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From: "Stuart Baikie" <marketing@fidelity-group.co.uk>
To: "Bob Home" <bob@sarahharvey.com>
Subject: Energy market update from Fidelity Group
Date: Fri, 8 Aug 2025 09:13:18 +0100
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Good morning,
Please find below your weekly business energy update, beginning with our
summary recommendation.
Summary: UK wholesale forward energy prices edged higher this week,
reversing some of the prior week’s decline. Forward contracts for both gas
and electricity rose between 2.5% and 4% across the 12-, 24-, and 36-month
tenors. Market sentiment firmed as supply-side risks re-emerged.
Low wind generation, constrained nuclear output, and renewed concern over
global LNG competition. However, high storage levels and moderate summer
demand limited the extent of price increases. The market remains balanced
but alert, with forward risk premiums gradually building ahead of winter.
Our recommendation: For those with contracts ending in the next 12 months,
it’s a good time to review your rates to take advantage of possible savings
and shield your business from volatility in the latter part of the year.
If you are looking to review your energy prices, please call us today and
speak to your account manager. With access to a huge range of leading energy
suppliers we can make considerable savings on your energy bills.
<tel:08008406800> Just call 0800 840 6800
<https://stratus.campaign-image.eu/images/232114000002532930_zc_v1_1751963039900_artboard_17.png>
What’s happening in the electricity market?
UK wholesale electricity forward prices rose modestly last week, with the
12-month baseload contract increasing by around 3.9% to £81.9/MWh. This was
largely driven by ongoing nuclear outages and continued low wind generation,
which led to a greater reliance on gas-fired power. While interconnector
imports helped during peak demand, limited surplus availability on the
continent constrained their impact.
Key drivers:
* Persistent nuclear outages reduced baseload availability, adding upward
pressure to prices.
* Low wind output continued to limit renewable generation, increasing
reliance on gas-fired generation.
* Cross-border electricity flows were stable but limited by continental
supply margins.
* Demand remained typical for summer, with modest increases during warmer
days.
<https://stratus.campaign-image.eu/images/232114000002532930_zc_v1_1751530908414_artboard_18_(2).png>
What’s happening in the gas market?
UK wholesale gas prices also edged higher last week, with the 12-month
forward contract rising by around 2.5% to 87.2p/th. Rising temperatures in
East Asia increased global LNG competition, raising concerns over future
European supply. Meanwhile, Norwegian pipeline flows remained below seasonal
norms, compounding supply-side pressure despite steady storage injections
and temperate UK weather.
Key drivers:
* Asian cooling demand boosted LNG import competition, raising fears of
diverted cargoes.
* Norwegian gas flows stayed ~18% below average, sustaining reliance on LNG
and storage.
* Continued gas-for-power demand due to mild UK heat supported baseline
consumption.
* Storage injections remained steady but didn’t offset rising forward risk
premiums.
<mailto:marketingleads@fidelity-group.co.uk?subject=Contact%20me%20for%20a%20free%20energy%20review>
Contact us for a free energy review
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style=3D"font-size: 11pt;"><span>Good morning, =
</span><div><span><br></span></div><div><span>Please find below your =
weekly business energy update, beginning with our summary =
recommendation.</span></div><div><span><br></span></div><div><span><b>Sum=
mary:</b>
UK wholesale forward energy prices edged higher this week, reversing =
some of the prior week’s decline. Forward contracts for both gas =
and electricity rose between 2.5% and 4% across the 12-, 24-, and =
36-month tenors. Market sentiment firmed as supply-side risks =
re-emerged. </span></div><div><span><br></span></div><div><span>Low wind =
generation, constrained nuclear output, and renewed concern over global =
LNG competition. However, high storage levels and moderate summer demand =
limited the extent of price increases. The market remains balanced but =
alert, with forward risk premiums gradually building ahead of winter. =
</span></div><div><span><br></span></div><div><span =
style=3D"background-color: rgb(209, 33, 55);"><font color=3D"#ffffff"><b =
style>Our recommendation:</b> For those with contracts ending in the =
next 12 months, it’s a good time to review your rates to take =
advantage of possible savings and shield your business from volatility =
in the latter part of the =
year. </font></span></div><div><span><br></span></div><div><span>If =
you are looking to review your energy prices, please call us today and =
speak to your account manager. With access to a huge range of leading =
energy suppliers we can make considerable savings on your energy =
bills.</span></div></font></span></div>
</td></tr>
</tbody></table>
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=09
=20
=20
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</div>
</td></tr></tbody></table>
</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:7px;padding-bottom:7px;padding-right:1=
5px;padding-left:15px">
<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000002532930_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/232114000002532930_zc_v1_=
1751963039900_artboard_17.png" =
style=3D"width:570px;height:autopx;max-width:570px =
!important;border:0px;text-align:left;" vspace=3D"0" width=3D"570">
</td></tr>
</tbody></table>
</div>
</div>
</td></tr></tbody></table>
</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><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><span><b>What’s happening in the =
electricity market? </b></span><div><span>UK wholesale electricity =
forward prices rose modestly last week, with the 12-month baseload =
contract increasing by around 3.9% to £81.9/MWh. This was largely =
driven by ongoing nuclear outages and continued low wind generation, =
which led to a greater reliance on gas-fired power. While interconnector =
imports helped during peak demand, limited surplus availability on the =
continent constrained their =
impact. </span><div><span><br></span></div><div><span><b>Key =
drivers:</b></span></div></div></font></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;"><span><ul><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;">Persistent nuclear outages reduced baseload availability, adding =
upward pressure to prices. <li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt;"><span>Low wind output continued to limit renewable =
generation, increasing reliance on gas-fired =
generation. </span></font><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><span>Cross-border electricity flows were stable but limited by =
continental supply margins. </span></font><li style=3D"color: =
rgb(0, 0, 0); font-size: 11pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Demand remained typical for summer, with =
modest increases during warmer days.</font></ul></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1751963025705" =
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_1751963025705" 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:7px;padding-bottom:7px;padding-right:1=
5px;padding-left:15px">
<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000002532930_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/232114000002532930_zc_v1_=
1751530908414_artboard_18_(2).png" =
style=3D"width:570px;height:autopx;max-width:570px =
!important;border:0px;text-align:left;" vspace=3D"0" width=3D"570">
</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><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><span><b>What’s happening in the gas =
market? </b></span><div><span>UK wholesale gas prices also edged =
higher last week, with the 12-month forward contract rising by around =
2.5% to 87.2p/th. Rising temperatures in East Asia increased global LNG =
competition, raising concerns over future European supply. Meanwhile, =
Norwegian pipeline flows remained below seasonal norms, compounding =
supply-side pressure despite steady storage injections and temperate UK =
weather. </span><div><span><br></span></div><div><span><b>Key =
drivers:</b></span></div></div></font></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;"><span><ul><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;">Asian cooling demand boosted LNG import competition, raising =
fears of diverted cargoes.<li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;">Norwegian gas flows stayed ~18% below average, sustaining =
reliance on LNG and storage. </font><li style=3D"color: rgb(0, 0, =
0); font-size: 11pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Continued gas-for-power demand due to mild UK =
heat supported baseline consumption. </font><li style=3D"color: =
rgb(0, 0, 0); font-size: 11pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Storage injections remained steady but =
didn’t offset rising forward risk =
premiums.</font></ul></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1752567952953" =
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:1px;padding-right:20px;padding-left:=
20px;">
<div class=3D"zpelement-wrapper buttonElem" =
id=3D"elm_1752567952953" =
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"mailto:marketingleads@fidelity-group.co.uk?subject=3DContact%20me=
%20for%20a%20free%20energy%20review" =
style=3D"border-radius:6px;height:36px;v-text-anchor:middle;width:330px;"=
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;">Contact us for a free energy =
review</center>
</v:roundrect>
<![endif]-->
<a align=3D"center" =
href=3D"mailto:marketingleads@fidelity-group.co.uk?subject=3DContact%20me=
%20for%20a%20free%20energy%20review" style=3D"padding:0px =
0px;background-color:#d12137;width:330px;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">
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style=3D"color:#ffffff;display:table-cell;vertical-align:middle;">
Contact us for a free energy review
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</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/232114000002532930_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/232114000002532930_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">
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</tbody></table>
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</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
<tbody><tr><td class=3D"paddingcomp" =
style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:17pt;border-t=
op:0px none ; border-bottom:0px none =
;padding-top:0px;padding-bottom:7px;padding-right:15px;padding-left:15px"=
>
<div componentbgcolor=3D"#f0f0f0" =
componentlineheight=3D"17pt" componentpaddingbottom=3D"7px" =
componentpaddingleft=3D"15px" componentpaddingright=3D"15px" =
componentpaddingtop=3D"0px" style=3D"background-color: rgb(240, 240, =
240);"><span><p align=3D"center" =
style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; =
color:#000000;padding:0px;margin: 0;text-align: center; line-height: =
17pt;"><span style=3D"line-height: 17pt;"><font color=3D"#848484" =
style=3D"line-height: 17pt;"><span style=3D"line-height: =
17pt;"><span><b>Our mailing address =
is:</b></span></span></font></span></p><p align=3D"center" =
style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; =
color:#000000;padding:0px;margin: 0;text-align: center; line-height: =
17pt;"><span style=3D"line-height: 17pt;"><font color=3D"#848484" =
style=3D"line-height: 17pt;"><span style=3D"line-height: =
17pt;"><span> 14 Station Rd, Henley-on-Thames RG9 =
1AY</span><br></span></font></span></p><p align=3D"center" =
style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; =
color:#000000;padding:0px;margin: 0;text-align: center; line-height: =
17pt;"><span style=3D"line-height: 17pt;"><font color=3D"#848484" =
style=3D"line-height: 17pt;"><span style=3D"line-height: 17pt;">Would =
you like to change how you receive these =
emails?</span></font></span></p><p align=3D"center" =
style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; =
color:#000000;padding:0px;margin: 0;text-align: center; line-height: =
17pt;"><font color=3D"#848484" style=3D"line-height: 17pt;">Please <u><a =
alt=3D"update your preferences" =
href=3D"https://vtzjtk-zcmp.maillist-manage.eu/ua/upc?upd=3D1338a2740565e=
069&r=3D1338a274058e7f90&n=3D11699e4c2500bd3&od=3D3zfba27aad8ac047b9f7e13=
86cbf475d8b" rel=3D"noopener noreferrer" =
style=3D"text-decoration:underline;" target=3D"_blank" title=3D"update =
your preferences" zcurl_name=3D"l_4"><font color=3D"#848484" =
style=3D"color: rgb(132, 132, 132); line-height: 17pt;">update your =
preferences</font></a></u> or <u><a alt=3D"unsubscribe from this mailing =
list" =
href=3D"https://vtzjtk-zcmp.maillist-manage.eu/ua/optout?od=3D3zfba27aad8=
ac047b9f7e1386cbf475d8b&rd=3D1338a274058e7f90&sd=3D1338a274058e7df1&n=3D1=
1699e4c2500bd3" rel=3D"noopener noreferrer" =
style=3D"text-decoration:underline;" target=3D"_blank" =
title=3D"unsubscribe from this mailing list" zcurl_name=3D"l_5"><font =
color=3D"#848484" style=3D"color: rgb(132, 132, 132); line-height: =
17pt;">unsubscribe from this mailing list</font></a></u>.<u><font =
color=3D"#848484" style=3D"color: rgb(132, 132, 132); line-height: =
17pt;"></font></u></font><br></p></span></div>
</td></tr>
</tbody></table>
</div>
</td></tr>
</tbody></table>
</div>
</td>=20
</tr>=20
</tbody></table>
</td>=20
<td style=3D"border:0px;padding:0px;border-collapse:collapse; =
mso-table-lspace:0pt; mso-table-rspace:0pt;"> </td>
</tr>=20
</tbody></table>=20
</div>
</center>=20
<img style=3D'visibility:hidden' =
src=3D"https://vtzjtk-zcmp.maillist-manage.eu/click/1338a274058e7f90/open=
.gif" alt=3D"" height=3D"1" width=3D"1"/><a style=3D'visibility:hidden' =
href=3D"https://vtzjtk-zcmp.maillist-manage.eu/click/1338a274058e7f90/133=
8a274058bc642" alt=3D"" height=3D"1" width=3D"1"/></body></html>
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