Tuesday 24th of July 2018 | Posted In: Contracts

With great power comes great… electricity prices

Our very first Half Hourly Buying Group saved participants on average 7.6% on benchmarked renewal offers.

On the back of the success of the Non-Half Hourly buying group, which is now in its sixth quarter, we’ve been researching how best to bring buying power savings to our half hourly clients.

We decided to start small with our first group with 23 supplies, totalling around £1,000,000 of electricity to ensure that we could deliver a high standard of service to the customer’s in this first trial group and still get better prices on their renewals.

To start things off, we invited all our existing Half Hourly Customers with 01 October 2018 renewal dates, opting for a fixed fee to join. We then chose to only include suppliers we worked with on a regular basis to make sure that we would be comfortable placing our customers with whichever supplier offered the best final prices. The initial prices came in from five suppliers, which showed that the initial leading buying group prices were an average 2% cheaper than the individual renewal offers.

After going back to the suppliers and asking them to drop their prices even more, we ran through the comparisons and triple checked everything was correct. I was delighted to advise Haven Power they had reduced their prices enough to take a considerable lead and that we would be placing the group with them. I signed off the contracts and let the customers know their final accepted prices which were on average a further 5.6% cheaper than the initial prices we had, saving an average of 7.6% on those benchmarked renewal offers.

Mark Anderson, Haven Power’s Sales & Marketing Director, commented: “We’re delighted to have secured our first half hourly buying group deal for 100% renewable electricity with FEC Energy. It’s satisfying to see our new relationship blossoming, as consultants such as FEC Energy are a key route to market for Haven Power. We hope that supplying 9GWh of volume over a 12-month contract for this group is just the start, and look forward to continuing our work with FEC Energy in the future.”

Overall, even though we have only ‘dipped our toe in the water’, this Half Hourly buying group has been a great success and just shows that in a rising market, buying power is a powerful tool when it comes to driving down prices. We are now planning on opening this up to a much larger group of Half Hourly users, as the bigger the group, the better the buying power, so watch this space!

If you would like to register your interest for future Half Hourly Buying groups call 024 7669 8885.