Lets talk about the savings that we have made for you!
This year the 19/20 portfolio total savings (cashable and non-cashable) were…
£5.6 million of this was “cashable”. This represents a cost reduction against what members would have paid if they sourced energy through alternative or direct arrangements.
Alongside this, there was £278,000 worth of savings from the first 10 months of the TEC PPA!
The cost avoidance was still significant as private sector intermediaries appear to continue to charge fees £2.5 million higher than TEC member fees. This year also saw the “no cost” addition of our Bill Validation service, which as well as already demonstrating added value, is usually subject to additional charge elsewhere.
Moreover, procurement cost avoidance was nearly £1 million. This is particularly pertinent as this reporting year saw the procurement of TEC’s 5th generation flexible energy supply framework.
At total member level, we returned £5.43 in savings for every £1 spend on fees.
Make sure you keep your eyes peeled for our article later this week about the pandemic and its impact on this years energy usage.