LATEST MARKET UPDATE: UK gas and power markets have traded lower across the curve so far this week, with a bearish outlook as Norwegian outages come to an end next month and fears of a second wave of Coronavirus has pushed prices within the wider commodities lower. Oil prices in particular continue to be pressured by the threat of a reduced demand that a second wave of Coronavirus could bring, with prices trading below $40/bbl for the first time since mid-June.
If you run or own a facilities or property management company, you’ll know that utility costs account for a large chunk of your budget.
You also know that keeping running costs – including utilities – as low as possible is key to operating a profitable and successful business. However, when you’re responsible for managing multiple sites and tenants, keeping track of data, energy and usage can be easier said than done.
Inaccuracies, inconsistencies and inefficiencies could be costing your business thousands of pounds without you even realising it. So, how do you better monitor and manage business energy data across all of your sites? Here’s how...
First things first, centralise utilities management
At Utility Team, we often suggest that companies with numerous sites should consolidate their bills. This way, you have one bill that covers everything, making the process much more streamlined.
Bringing the management of the energy and utilities of all of your sites under one roof offers a multitude of benefits, the main one being potential cost savings. But it also improves service efficiency, ensures compliance and makes the entire process much simpler as there’s just one, centralised contract. It also gives you a strong negotiating position next time around.
Next, make sure your bills are accurate
Inaccurate invoices can be a serious cost burden, especially for facilities or property management firms responsible for energy bills over numerous sites.
This is where billing services come in. These services can be invaluable if you have tenants and sub-tenants but don’t have a full rollout of metering services across your site. Services such as bill validation will allow you to manage everything in one place.
Our bill validation services include 100+ different checks to ensure you’re not paying over the odds for energy. These include verifying things such as unit rates and charges, published rates and charges, accuracy of billing dates, making sure correct sites are billed, estimated/actual meter read frequency and much more.
Our checks enable us to provide you with a full analysis each month, which will highlight any issues with your invoice, along with the actions we’ve taken with your supplier to resolve them. It’s one of the best ways to gain control over your energy costs.
Finally, consider green energy initiatives
If the energy technology across your sites is outdated, switching to greener alternatives could help you cut costs. Plus, you’ll be doing your bit for the environment at the same time.
Utility Team’s interest-free Revolving Green Fund (RGF) can grant your business a quick cash payment to be put towards any energy cost saving technology or initiative – including things like LED lighting, solar panels, energy monitoring systems and electric vehicle charging points. It’s one of the simplest ways to boost energy efficiency, fast.
Helping Kingspan control their costs
In 2019, we were appointed by Kingspan – the global leader in high performance insulation and building envelopes – to take over the management of their UK & Ireland energy procurement needs, coupled with additional value added services and ongoing account management. The result was significant cost savings across both gas and power contracts in the UK, with an average 6% saving across the portfolio.
We successfully renewed the current Climate Change Agreement (CCA) for another two years, meaning the client benefits from reduced CCL costs in their unit rates.
The client has access to our online portal, giving them the opportunity to view their energy consumption data in real time, allowing them to amend any overuse of energy and thus reduce bills. In addition, we rolled out gas Automatic Meter Readers (AMR) and the monthly validation of invoices. This means that discrepancies of payments are flagged and the accuracy of their bills were increased.
Control your costs with Utility Team
Gaining greater control over your business utilities can help you generate savings while boosting operational visibility and business efficiency. Plus, leave it to Utility Team to sort out and you won’t need to lift a finger, freeing up more of your time to focus on other areas of your business. Get in touch today.