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From: "James from Fidelity Group" <marketing@fidelity-group.co.uk>
To: "Bob Home" <bob@sarahharvey.com>
Subject: Energy market update from Fidelity Group
Date: Tue, 7 Oct 2025 09:41:47 +0100
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Good morning,
Please find below your weekly business energy update, beginning with our
summary recommendation.
Summary: UK wholesale gas and power markets were relatively subdued over the
week, despite sharp short-term volatility caused by extreme weather. High
renewable generation, particularly from wind, kept average power prices
contained, while gas fundamentals remained comfortable amid steady Norwegian
supply and record European storage levels.
The underlying market sentiment remains soft, with limited demand-side
pressure and continued confidence in winter resilience.
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/232114000003448045_zc_v1_1751963039900_artboard_17.png>
What’s happening in the electricity market?
UK wholesale electricity prices were highly volatile last week but averaged
lower overall, driven by exceptionally strong renewable generation. Wind
output frequently exceeded 18–20 GW, significantly reducing reliance on
gas-fired generation. Storm Amy early in the week brought record wind
levels, even pushing intraday prices negative at times. Steady nuclear
availability and consistent imports via France and the Netherlands further
supported system stability.
Key drivers:
* Storm Amy delivered record wind output, driving down average prices and
briefly causing negative intraday pricing.
* Renewables dominated generation, regularly supplying over 50% of total
demand.
* Industrial and commercial demand remained seasonally low, with short-lived
weather-driven peaks.
* Forward contracts held broadly stable amid healthy generation margins
heading into Q4.
<https://stratus.campaign-image.eu/images/232114000003448045_zc_v1_1751530908414_artboard_18_(2).png>
What’s happening in the gas market?
UK wholesale gas prices edged lower last week, supported by robust supply
fundamentals and subdued demand. Norwegian pipeline flows remained strong,
LNG send-out was healthy with multiple cargo arrivals, and European storage
exceeded 96% capacity — all reinforcing a comfortable supply outlook.
Despite cooler weather later in the week, heating demand remained muted and
overall sentiment stayed bearish.
Key drivers:
* Steady Norwegian flows offset minor maintenance disruptions.
* Strong LNG arrivals and regas rates ensured ample supply.
* European storage near full capacity limited short-term procurement
activity.
* Mild-to-cool weather transition generated minimal additional heating
demand.
<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"line-height: 15pt;"><span><span><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Good =
morning, </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;">Please find below =
your weekly business energy update, beginning with our summary =
recommendation.</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>Summary:</b> UK wholesale gas =
and power markets were relatively subdued over the week, despite sharp =
short-term volatility caused by extreme weather. High renewable =
generation, particularly from wind, kept average power prices contained, =
while gas fundamentals remained comfortable amid steady Norwegian supply =
and record European storage =
levels. </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;">The underlying market sentiment =
remains soft, with limited demand-side pressure and continued confidence =
in winter resilience. </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;">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></span></div>
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=09
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<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/232114000003448045_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/232114000003448045_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;">UK wholesale electricity prices =
were highly volatile last week but averaged lower overall, driven by =
exceptionally strong renewable generation. Wind output frequently =
exceeded 18–20 GW, significantly reducing reliance on gas-fired =
generation. Storm Amy early in the week brought record wind levels, even =
pushing intraday prices negative at times. Steady nuclear availability =
and consistent imports via France and the Netherlands further supported =
system stability. </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>Key =
drivers:</b></font></span></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;">Storm Amy delivered record wind output, driving down average =
prices and briefly causing negative intraday pricing. </font><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt;"><span><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt;">Renewables =
dominated generation, regularly supplying over 50% of total =
demand. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><span><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;">Industrial and commercial demand remained seasonally low, with =
short-lived weather-driven peaks. </font></span><li style=3D"color: =
rgb(0, 0, 0); font-size: 11pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Forward contracts held broadly stable amid =
healthy generation margins heading into Q4.</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/232114000003448045_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/232114000003448045_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;">UK wholesale gas prices edged =
lower last week, supported by robust supply fundamentals and subdued =
demand. Norwegian pipeline flows remained strong, LNG send-out was =
healthy with multiple cargo arrivals, and European storage exceeded 96% =
capacity — all reinforcing a comfortable supply outlook. Despite =
cooler weather later in the week, heating demand remained muted and =
overall sentiment stayed =
bearish. </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>Key =
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;">Steady Norwegian flows offset minor maintenance =
disruptions. </font><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><span><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;">Strong LNG arrivals and regas rates ensured ample =
supply. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt;"><span><font face=3D"Arial, Helvetica" style=3D"font-size: =
11pt;">European storage near full capacity limited short-term =
procurement activity. </font></span><li style=3D"color: rgb(0, 0, =
0); font-size: 11pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt;">Mild-to-cool weather transition generated =
minimal additional heating demand.</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=
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#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>
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</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/232114000003448045_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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</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/232114000003448045_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>
</div>
</div>
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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; =
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</div>
</td></tr>
</tbody></table>
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</td>=20
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</td>=20
<td style=3D"border:0px;padding:0px;border-collapse:collapse; =
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