Less is more….
This week we were delighted to have shared our 2021 – 22 Benefits Statements with our Members.
In the year following COVID-19 and the phased return to work premises, we observed an expected increase in consumption across all products – albeit irregular as Members established their ‘new normal’. This coincided of course with simultaneous crises in both gas and power markets. With energy prices at unprecedented highs, this resulted in an increase in energy spend across the whole membership. However a significant level of shielding to record high prices was achieved through the execution of our hedging strategy.
During the year we welcomed 8 new institutions to the TEC membership. We are pleased to share that on average all TEC Members saved a combined £28.92 for every £1 spent on TEC fees. The Member specific Benefits Statements we shared earlier this week provides a detailed breakdown of each Members individual saving.
We also helped contribute to savings by removing our minimum commission thresholds, any commissions for Post Contract Additions and reduced our commission fees across all utilities to 0.0325 p/kWh. We also reduced our Risk Management Support Services charge to 0.0119 p/kWh on Power and 0.0085 p/kWh on Gas. Although modest in comparison to the rise in commodity costs, TEC were pleased to be able to share the benefit of revenue growth and Opex savings.
As we now look forward, uncertainty across the Supply and Policy landscape remains. There is very little we can do that will affect the global energy crisis and our ability to effect policy will be limited. We therefore all need to focus on what is within our control through actively measuring our energy usage and constantly seeking opportunities to remove and reduce waste. The message from TEC to our Members remains the same – “The cheapest unit of energy is the one you don’t consume!”.