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Keep ahead of the energy market by forming an Energy Working Group
Learn how establishing an energy working group at your institution could help you navigate the volatile and fast-paced energy market in TEC’s latest guidance.
The Energy Working Group guidance explores the purpose and the benefits of bringing together colleagues from across your organisation to take a strategic approach to energy.
These groups provide a dedicated forum for colleagues to discuss how energy use and prices are evolving, what steps can be taken to mitigate cost risk and how these align with other institutional priorities and activities. This not only results in increased corporate understanding of energy but helps organisations make timely and informed decisions when significant changes to energy markets occur or technological opportunities arise.
Adam Clarke, Managing Director at TEC, said: “We have seen huge volatility in energy prices in recent years, along with pressure on institutions to reduce their carbon emissions. In this fast-paced environment, those institutions that are well-informed can take advantage of opportunities and navigate challenges. To do this effectively, many of our members are choosing to run an Energy Working Group.”
The Guidance includes tips about setting up and running an Energy Working Group at your institution. These include:
- Considering including representatives from Finance, Procurement, Estates and Sustainability teams in your Energy Working Group.
- Include some senior members of staff who can make decisions at a corporate level, or feed into boards or committees who can.
- Consider inviting your TEC Member Services Advisor to some meetings too – we’d love to join you!
- Formally agreeing terms of reference for the group, if this aligns with ways of working at your institution, can be helpful.
Adam added: “Please do get in touch with us – your Member Services Advisor can not only attend meetings but can also bring in outside expertise to support your group. In addition, if TEC is made aware about planned changes to your estate, we can better risk manage portfolio positions.”
You can read the full guide here: My Documents – TEC
