In the ever-evolving energy landscape, businesses often grapple with challenges when it comes to renewing energy contracts, that can impact their bottom line and sustainability goals. From understanding market dynamics to negotiating the best deals, the energy procurement journey can be daunting.
With the right partner and strategy, these challenges can be transformed into opportunities.
Here’s a closer look at five common challenges businesses face and how UtilityWorks can guide you through them.
1. Your Energy Strategy
Many businesses dive into energy procurement without a clear strategy, leading to inefficiencies and missed opportunities. This leads to lost value with market movements and a carelessness approach to securing your energy contract renewal.
Solution: Start by defining your energy objectives. Whether it’s cost reduction, sustainability, or resilience, having a roadmap is crucial.
It is also important to consider reviewing your options well ahead of your renewal date. This ensures you have the opportunity of time, avoiding volatile market conditions right before your contract is due to renew. Our recommendation is to begin comparing the market 12 months before. Our Utility Health Check solution, which monitors the market on your behalf. This allows you to concentrate on what matters most to your business, and we can alert you to changes in the market, costs, and suppliers available inline with budget and objectives.
UtilityWorks can help you outline these goals, ensuring every decision aligns with your broader vision.
2. Stay Updated with Market Movements
The energy market is known for its volatility, and not keeping a pulse on it can lead to costly decisions. The energy crisis has sent shockwaves through the industry and meant that businesses have had to juggle energy market movements, securing the best renewal and understanding government support packages.
Solution: Regularly monitoring market trends, contract types, and pricing structures. Our Insights section provides timely insights, ensuring you’re always informed.
3. Finding the Best Supplier
With many suppliers to choose from, ensuring your business picks the right one can be overwhelming. For some, the most competitive price is the number one priority. For others, service and billing are more important.
With almost 30 suppliers going bust over the last two years leaving customers in turmoil, choosing the right supplier has never been more important.
Solution: Don’t settle for the first supplier you come across. UtilityWorks assists in analysing and comparing various suppliers, ensuring you get the best fit across the whole market. It is crucial that when you consider your next energy renewal, the market is compared within appropriate time frames, the terms and conditions are considered, and your business requirements are met through a competitive tendering exercise.
4. Negotiating the Energy Contract
Without the right contacts, relationships, and channels within suppliers – it can be a challenge for businesses to negotiate the best contract for your energy renewal. Often, this means a renewal offer from the incumbent supplier is favoured out of ease, time, and convenience.
Solution: By leveraging UtilityWorks‘ established relationships in the industry. Our team’s expertise ensures robust negotiations, leading to favourable contract terms, competitive pricing, managed products, and a like-for-like comparison across the whole energy market. This ensures your business gets the most valuable and financially beneficial energy supply contract for your renewal.
5. Embracing a Sustainable Energy Future
Relying solely on traditional energy sources is neither cost-effective nor sustainable. With the cost of energy now higher than ever (after the energy crisis…), now is the perfect time to invest in a sustainable future for your business.
Solution: Our Energy Procurement Products provide you with the opportunity to diversify your energy supply mix, such as using from a 100% Renewable Energy Guaranteed Origin.
We can also support your business by embracing Low Carbon Technology such as Solar PV or Electric Vehicle Charging systems.
The energy procurement journey has never been more challenging for businesses, and they’re constantly becoming more complex.
With UtilityWorks as your trusted partner, you can navigate these challenges with confidence. Our commitment to excellence, combined with a deep understanding of the energy landscape, ensures that your business is always poised for success.
Go beyond procurement and join The Future of Energy Management.
Contact us to find out more.
