To keep you up-to-date, we’ve rounded up the biggest news stories involving Gazprom Energy, including new deals and changes in the energy market, from the month of September.
Reported by both Building Better Healthcare and Energy Digital, we launched our new energy management tool, InSight. A free tool that allows major energy customers and energy consultant partners to manage their energy buying through a real-time view of the market, it helps to reduce costs of energy purchasing through a more strategic and agile process.
The first of its kind to be provided by an energy retailer, InSight accesses live market prices and information and makes alerts available to organisations, enabling users to make more informed decisions regarding their energy management. That means that energy managers and procurement professionals can spend less time poring over spreadsheets and more time focusing on their energy strategy.
Our own customer relationship analyst, Thomas Meredith, said of the launch: “Through InSight, our customers will have access to a one-stop shop for strategic energy buying, and benefit from a more streamlined and automated energy procurement process.
“This will allow energy managers to buy and sell energy much quicker, and view the position of the energy market all in one solution.
“We don’t want to merely give customers the data they need to make energy buying decisions; we want to give them something more interactive that provides the answers they need to map their own position against changes in the energy market.”
Over at BFM Magazine, they featured a piece from Gazprom Energy’s Head of Risk Management, Ben Archer discussing the different types of energy products available to the market, and how you can decide which is right for your business, depending on your appetite for risk.
New energy contracts can pose problems if not properly considered. Do you go for a fixed rate contract to enable budget certainty, or should you choose a more flexible approach where only certain parts of the costs are fixed, and the rest of the cost varies according to market movements.?
Ben weighs up the benefits and risks of both. A fixed contract allows for more stable, predictable usage, knowing how much you’re paying from month to month. Conversely, flexible contracts let you make the most of low current and future energy prices should they occur.
In choosing your contract, Ben notes companies should take their business models and risk profiles into account. Your finance manager can establish how you’ll fare if the price of energy increases or decreases, and help you decide from there. If you can handle potential increases in energy prices, it might be more prudent in the long term to go for a flexible contract.
Ben explains that having the manpower to deal with your contracts is particularly important too. Fixed contracts tend to require minimal input, but flexible contracts mean that energy buying needs to be planned around market rates and trading conditions that are in line with the organisation as a whole. Businesses could benefit by investing in in-house energy experts who specialise in tracking market trends.
As reported by Business Up North, retail group Arcadia, owner of brands such as Topshop and Miss Selfridge, signed a three-year flexible contract with us for the supply and management of gas to 73 of its UK stores.
Choosing us for our “extensive knowledge of the market, client service and proven efficient management of business energy portfolios”, Arcadia will have access to InSight as part of the contract, as detailed above.
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After a number of years conducting its energy procurement in-house, the contract represents something of a change for the group. Dean Laurent, purchasing controller of Arcadia says of the deal: “Since we have a large number of sites across the UK all with different energy needs, we have a complex energy management task on our hands and it’s crucial that our gas supplier is flexible in meeting our individual requirements.
“Gazprom Energy allows us to understand our gas consumption while giving us the ability to monitor the market to ensure we’re getting the best possible deal, the InSight platform is very easy to navigate around and provides us with a clear visibility of the market position.”
Katie Smith, Arcadia’s Account Manager from Gazprom Energy notes: “Our experience of working with multi-site retailers has given us a deep understanding of how complex their energy portfolio can be to manage. Providing Arcadia with a competitive flexible gas contract and real-time market access via InSight, enables Arcadia to understand underlying market fundamentals and furthermore, allows for the adoption of a hedging strategy which assists in minimising their risk.”
For more of the latest news, articles and features from Gazprom Energy, visit our blog and newsfeed. Alternatively, visit the homepage to find out more about our business energy solutions, or call us on 0161 837 3395.
The views, opinions and positions expressed within this article are those of our third-party content providers alone and do not represent those of Gazprom Energy. The accuracy, completeness and validity of any statements made within this article are not guaranteed. Gazprom Energy accepts no liability for any errors, omissions or representations.
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