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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: Thu, 3 Jul 2025 09:30:20 +0100
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Good morning,
Please find below your weekly business energy update, beginning with our
summary recommendation.
Summary: UK wholesale energy prices eased slightly this week after mid June
volatility driven by geopolitical tensions.
The government’s new 10-year Industrial Strategy dominated headlines,
promising long-term electricity cost reductions for 7,000+ energy-intensive
businesses.
While market prices for gas and electricity cooled, they remain elevated
compared to pre-crisis norms, keeping pressure on business costs. Regulatory
reforms and European policy adjustments also helped stabilise sentiment.
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/232114000002116278_zc_v1_1751530908414_artboard_18_(2).png>
What’s happening in the electricity market?
Trend: Gas prices, which had recently been as high as 98 pence per therm,
fell significantly to end June at roughly 77 to 80 pence per therm. This
price drop signals a shift from widespread panic to a more careful but calm
market, mainly because global tensions lessened and energy supply
fundamentals remained solid.
Main drivers:
* Geopolitical risk has eased: Initial concerns about a wider conflict
between Israel and Iran, which sparked panic buying and threatened the
critical Strait of Hormuz (a chokepoint for about 20% of global LNG), have
lessened. This is due to Qatar resuming normal LNG shipments and reports of
U.S.-backed de-escalation talks.
* Flexible EU storage rules: The EU has relaxed its gas storage regulations,
which has reduced the urgent need for summer gas purchases.
* Strong Norwegian supplies: Consistent pipeline deliveries from Norway have
ensured a stable physical gas supply.
* Active storage injections keep prices down: Excess gas continues to be
injected into storage facilities, helping to keep market prices contained.
What’s happening in the gas market?
Trend: Electricity prices also saw a moderate drop from their mid-June
highs. After reaching around £89 per megawatt-hour, prices ended June in the
£75 to £80 per megawatt-hour range. This positive shift was mainly thanks to
falling gas prices (which often dictate electricity costs) and stronger
performance from renewable energy sources like wind
Main drivers:
* Easing geopolitical tensions: Initial fears about LNG supply disruptions
through the Strait of Hormuz have subsided due to de-escalation between Iran
and Israel, helping to stabilise both gas and electricity prices.
* Renewables rebound: Increased wind generation towards the end of the month
helped ease pressure on the energy system.
* Stable grid operations: No major power plant outages, combined with steady
imports, helped limit price increases.
* Future policy relief for businesses: The upcoming removal of green levies
from industrial power bills starting in 2027 is a positive sign for the
long-term energy outlook.
* Reduced energy demand: Milder weather has led to a seasonal drop in energy
demand, especially compared to earlier periods of higher temperatures.
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 =
face=3D"Arial, Helvetica" style=3D"font-size: =
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>
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style=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;backgrou=
nd-color:;">
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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=
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15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><b>Summary:</b> <span>UK wholesale energy prices =
eased slightly this week after mid June volatility driven by =
geopolitical tensions. </span></font></span></span><div><span><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: =
15pt;"><span><br></span></font></span></span></div><div><span><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;"><span>The =
government’s new 10-year Industrial Strategy dominated
headlines, promising long-term electricity cost reductions for
7,000+ energy-intensive businesses. =
</span></font></span></span></div><div><span><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: =
15pt;"><span><br></span></font></span></span></div><div><span><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;"><span>While market prices =
for gas and electricity cooled, they
remain elevated compared to pre-crisis norms, keeping
pressure on business costs. Regulatory reforms and European
policy adjustments also helped stabilise sentiment.</span> =
</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 capitalise on current pricing and =
significantly reduce your risk against the sharp increases expected =
towards the year-end.</font></span></div></span></div></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/232114000002116278_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/232114000002116278_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_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> <span><span>Gas prices, which =
had recently been as high as 98 pence per therm, fell significantly to =
end June at roughly 77 to 80 pence per therm. This price drop signals a =
shift from widespread panic to a more careful but calm market, mainly =
because global tensions lessened and energy supply fundamentals remained =
solid.</span></span></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 style=3D"line-height: 15pt;"><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt; line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;"><b>Geopolitical risk has eased</b>: Initial concerns about a =
wider conflict between Israel and Iran, which sparked panic buying and =
threatened the critical Strait of Hormuz (a chokepoint for about 20% of =
global LNG), have lessened. This is due to Qatar resuming normal LNG =
shipments and reports of U.S.-backed de-escalation talks. </font><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt; line-height: 15pt;"><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;"><b>Flexible EU storage =
rules</b>: The EU has relaxed its gas storage regulations, which has =
reduced the urgent need for summer gas purchases. </font></span><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt; line-height: 15pt;"><span =
style=3D"line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;"><b>Strong Norwegian =
supplies</b>: Consistent pipeline deliveries from Norway have ensured a =
stable physical gas supply. </font></span><li style=3D"color: =
rgb(0, 0, 0); font-size: 11pt; line-height: 15pt;"><font face=3D"Arial, =
Helvetica" style=3D"font-size: 11pt; line-height: 15pt;"><b>Active =
storage injections keep prices down</b>: Excess gas continues to be =
injected into storage facilities, helping to keep market prices =
contained.
</font></ul></div>
</td></tr>
</tbody></table>
</div>
</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> <span><span>Electricity prices also saw a moderate =
drop from their mid-June highs. After reaching around £89 per =
megawatt-hour, prices ended June in the £75 to £80 per =
megawatt-hour range. This positive shift was mainly thanks to falling =
gas prices (which often dictate electricity costs) and stronger =
performance from renewable energy sources like =
wind</span></span></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 style=3D"line-height: 15pt;"><li =
style=3D"color: rgb(0, 0, 0); font-size: 11pt; line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;"><b>Easing geopolitical tensions</b>: Initial fears about LNG =
supply disruptions through the Strait of Hormuz have subsided due to =
de-escalation between Iran and Israel, helping to stabilise both gas and =
electricity prices. </font><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt; line-height: 15pt;"><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><b>Renewables rebound</b>: Increased wind generation =
towards the end of the month helped ease pressure on the energy =
system. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt; line-height: 15pt;"><span style=3D"line-height: 15pt;"><font =
face=3D"Arial, Helvetica" style=3D"font-size: 11pt; line-height: =
15pt;"><b>Stable grid operations</b>: No major power plant outages, =
combined with steady imports, helped limit price =
increases. </font></span><li style=3D"color: rgb(0, 0, 0); =
font-size: 11pt; line-height: 15pt;"><span style=3D"line-height: =
15pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 11pt; =
line-height: 15pt;"><b>Future policy relief for businesses</b>: The =
upcoming removal of green levies from industrial power bills starting in =
2027 is a positive sign for the long-term energy =
outlook. </font></span><li style=3D"color: rgb(0, 0, 0); font-size: =
11pt; line-height: 15pt;"><font face=3D"Arial, Helvetica" =
style=3D"font-size: 11pt; line-height: 15pt;"><b>Reduced energy =
demand</b>: Milder weather has led to a seasonal drop in energy demand, =
especially compared to earlier periods of higher =
temperatures.</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 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" =
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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;">
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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;">
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arcsize=3D"6%" strokecolor=3D"#ffffff" strokeweight =3D"0px" =
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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; =
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or:#f0f0f0;">
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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/232114000002116278_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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<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" =
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mso-table-lspace:0pt; =
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