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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: Tue, 8 Jul 2025 11:26:19 +0100
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Good morning,
Please find below your weekly business energy update, beginning with our
summary recommendation.
Summary: UK forward gas prices remained stable, while electricity forward
contracts rose modestly across the 12-, 24-, and 36- month terms. The market
is fundamentally well-supplied, supported by strong LNG imports, steady
pipeline flows, and healthy European gas storage levels.
The slight rise in electricity prices was driven by constrained French
nuclear availability and increased European power demand due to early summer
heat. No significant geopolitical or supply disruptions occurred during the
week, leading to a calm trading environment with a slightly firmer outlook
for power.
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
capitalise on current pricing and significantly reduce your risk against the
sharp increases expected towards the year-end.
<https://stratus.campaign-image.eu/images/232114000002199024_zc_v1_1751963039900_artboard_17.png>
What’s happening in the electricity market?
UK wholesale electricity forward prices edged slightly higher last week,
with the 12-month contract rising to around £79/MWh. This modest increase
was driven by unplanned French nuclear outages and rising European demand
due to early summer heat. Strong UK renewable generation and stable gas
prices helped limit the upside.
Main drivers:
* French nuclear outages reduced regional capacity.
* Higher European power demand due to heatwave.
* Strong UK renewable output and steady gas supply contained price rises.
* Carbon and oil prices held steady, providing a stable backdrop.
<https://stratus.campaign-image.eu/images/232114000002199024_zc_v1_1751530908414_artboard_18_(2).png>
What’s happening in the gas market?
UK wholesale gas prices remained broadly flat last week, with the 12-month
forward contract holding near 87p/th. The market remains well-supplied
thanks to ample LNG imports, steady pipeline flows, and mild UK demand,
despite increased European cooling demand during the heatwave.
Main drivers:
* Strong LNG imports and Norwegian pipeline flows-maintained supply.
* Healthy European gas storage levels (roughly 60% full) reduced risk
premiums.
* UK wind and solar output softened domestic gas-for-power demand.
* Geopolitical risk remained low with no major supply disruptions.
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
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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></tbody></table>
</div>
</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:;">
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class=3D"zpAlignPos" =
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100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09
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style=3D"border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:15pt;border-t=
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style=3D"line-height: 15pt;"><span><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><b>Summary</b>: UK forward gas prices =
remained stable, while electricity forward contracts rose modestly =
across the 12-, 24-, and 36- month terms. The market is fundamentally =
well-supplied, supported by strong LNG imports, steady pipeline flows, =
and healthy European gas storage levels. </font></span><div><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;">The slight rise in electricity =
prices was driven by constrained French nuclear availability and =
increased European power demand due to early summer heat. No significant =
geopolitical or supply disruptions occurred during the week, leading to =
a calm trading environment with a slightly firmer outlook for power. =
</font></span><div><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><br></font></span></div><div><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt;"><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. <b>Acting today</b> will =
allow you to capitalise on current pricing and significantly reduce your =
risk against the sharp increases expected towards the =
year-end.</font></span></div></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:7px;padding-bottom:7px;padding-right:1=
5px;padding-left:15px">
<img align=3D"left" =
alt=3D"https://stratus.campaign-image.eu/images/232114000002199024_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/232114000002199024_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><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><b>What’s happening in the electricity =
market? </b></font></span><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;">UK wholesale electricity forward =
prices edged slightly higher last week, with the 12-month contract =
rising to around £79/MWh. This modest increase was driven by =
unplanned French nuclear outages and rising European demand due to early =
summer heat. Strong UK renewable generation and stable gas prices helped =
limit the upside. </font></span><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;"><b>Main =
drivers:</b></font></span></div></div></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><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;">French nuclear outages reduced regional capacity. </font><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt;"><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt;">Higher European =
power demand due to heatwave. </font></span><li style=3D"color: =
rgb(0, 0, 0); font-size: 11pt;"><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Strong UK renewable output and steady gas =
supply contained price rises. </font></span><li style=3D"color: =
rgb(0, 0, 0); font-size: 11pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Carbon and oil prices held steady, providing =
a stable backdrop.</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/232114000002199024_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/232114000002199024_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><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;"><b>What’s happening in the gas =
market? </b></font></span><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;">UK wholesale gas prices remained =
broadly flat last week, with the 12-month forward contract holding near =
87p/th. The market remains well-supplied thanks to ample LNG imports, =
steady pipeline flows, and mild UK demand, despite increased European =
cooling demand during the =
heatwave. </font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: =
11pt;"><br></font></span></div><div><span><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt;"><b>Main =
drivers:</b></font></span></div></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><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;">Strong LNG imports and Norwegian pipeline flows-maintained =
supply. </font><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><span><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;">Healthy European gas storage levels (roughly 60% full) reduced =
risk premiums. </font></span><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt;"><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">UK wind and solar output softened domestic =
gas-for-power demand. </font></span><li style=3D"color: rgb(0, 0, =
0); font-size: 11pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Geopolitical risk remained low with no major =
supply disruptions.</font></ul></span></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 your account manager. With =
access to a huge range of leading energy suppliers we can make =
considerable savings on your energy bills.</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;">
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<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" />
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<center =
style=3D"direction:ltr;color:#ffffff;font-family:Arial, =
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</v:roundrect>
<![endif]-->
<a align=3D"center" href=3D"tel:08008406800" =
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tion:ltr;font-family:Arial, =
Helvetica;color:#ffffff;cursor:pointer;text-decoration:none;border-radius=
:6px;border:0px solid =
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</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;">
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id=3D"elm_1737993471505" prodcmp =
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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=
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<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/232114000002199024_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">
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</div>
</div>
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</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; =
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