Don't pay the price of Energy Lock-In warns Chamber
03/02/2006
With rocketing energy prices, most businesses will want to shop around for the best deal when their contract renewal is due. But some could find themselves locked into uncompetitive contracts, warns the Chamber, which represents businesses in Bedfordshire and Luton.
Advises Cheryl Smart, Commercial Director of the Chamber: "Companies who are facing April renewals for their gas or electricity need to act now. Suppliers require between 30 and 90 days' customer termination notice to switch contract, which many businesses are unaware of and so are leaving it too late to find a more competitive alternative. Energy prices have virtually doubled in the past two years for businesses so there is a clear financial imperative to test the market in an attempt to mitigate the cost increases."
Added Cheryl: "Some of our members are panicked by the prospect of terminating their contract in the belief that their supply will be prematurely cut off. We would advise them to serve notice while they consider their options, even if the best deal at the end of the day is to re-contract with their existing supplier. At least this gives them the time to test the market without fear of being locked into an uncompetitive contract".
The Chamber Utilities™ service, provided in partnership with Utility Auditing Ltd, offers members a free energy assessment to identify the most cost effective solutions for energy and gas and provides guidance on the right tariffs and supply capacity to suit a company's precise needs.
With its national purchasing power, Chamber Utilities™ can negotiate the best prices available in the UK and help companies mitigate the price rises they face. Eligible companies can also access government funded Carbon Trust surveys to help cut costs through improved energy efficiency. Chamber members can benefit from the Chamber Utilities™ service as part of their Chamber membership entitlement.
For more information regarding the Chamber Utilities service and Chamber membership, please contact the Membership Services Team on 0845 390 1345.
