Have you considered joining a procurement Energy Basket?
We are all affected by, and dealing with, the consequences of the instability in the energy market, with extremely high prices and the reluctance from some suppliers to take on new business.
Your organisation is likely facing both these challenges head-on, with the cost of running operations, a significant challenge to your finances each month. While there’s no easy fix, there is a way to alleviate some of the issues of rising energy bills, and that is through joining an energy basket.
What is an Energy Basket
An energy basket is essentially a flexible energy contract. Purchases are made through forward hedges at several stages throughout the contracted period instead of when the contract is up for renewal. This means the future rate is fixed, thus reducing risk and avoiding price volatility.
One of the key benefits to an energy basket, is it incorporates the advantages of bulk buying, allowing sport & leisure operators, to gain a cheaper price for energy, gain protection from potential huge price hikes, and offer some budget certainty.
But how does an Energy Basket differ from a fixed-term contract?
Critically, fixed-term contracts take the price at the point of contracting, meaning if you lock into a fixed-term at the wrong time, you run the risk of exposing yourself to high pricing or no supply. An energy basket allows for a buying strategy based on what you want, and knowing what the supplier is going to give you.
WSA Procurement Partner 2buy2 can deliver real savings
In 2011, in partnership with the Church of England, 2buy2 launched a national buying group for 16,000+ churches in England and Wales. The service named Parish Buying, helped thousands of churches save money. Parish Buying is the Church of England’s service to bulk buy energy, and with over 5,767 meters now in the Basket, it’s the biggest energy buying scheme for churches in the UK. So far, the Basket has saved an average of 10% on energy costs. The WSA is working with 2buy2 & CLUK to deliver a comparable offer for the Sport & Leisure sector.
What is the process of joining a procurement Energy Basket?
Using the power of volume to reduce energy costs, the basket removes the time consuming process of hunting around for the best energy deal every year.
It is possible to join the Energy Basket in a few simple steps:
- Access the FREE sport & leisure procurement portal
- Provide energy data for analysis
- 2buy2 source a provider
- Letter of commitment agreed and signed
- Entry to basket confirmed to start when existing contracts end
- Hedging starts and price provided
- Contract starts
- Regular monthly updates of portfolio provided
Further details on the Energy Basket
2buy2 offers an Energy Basket option for the Sport & Leisure sector, which could help alleviate some of your financial concerns. 2buy2 are a team of OFGEM-accredited procurement specialists that run the largest Energy Basket in the UK, with a particular focus on social value. Organisations will need to be signed up and committed to the 23/24 Energy Basket by the end of March 23, so that the forward hedging for energy can commence.
WSA & CLUK members can register for free on the WSA 2buy2 portal and gain access to the Energy Basket from there.