Launched in conjunction with advisory service Inspired, The BFFF Energy Club would allow members to group together to purchase their energy and give them access to larger discounts unavailable if they had acted as individual buyers.
BFFF chief executive Richard Harrow said: “UK energy markets are currently experiencing alarming prices and extreme volatility. In fact, some of our members are facing ten-fold increases in energy costs, which at this point is unsustainable and could significantly affect their business.
Advantages for SMEs
“The new Energy Club will enable our smaller members to take advantage of previously unavailable prices by purchasing directly from the wholesale market. It also spreads risk, reducing their exposure to further fluctuations in process.”
Wayne Brown, partner account director of Inspired said it would be working with BFFF members not just to help them reduce the price they pay but also to reduce the amount of energy they consume.
“Instead of adopting a 'one size fits all' approach, The BFFF Energy Club employs multiple strategies to accommodate members' varying attitudes to risk,” he added. “We will determine which of these predefined strategies is best suited to each individual member.”
Energy prices soar
Rising global natural gas prices, diverged liquified natural gas shipments, inflation caused by Brexit and COVID-19 and low wind production have contributed to soaring non-domestic energy prices in recent weeks, according to Northern Gas and Power.
Prices are expected to increase throughout the year, spurred by a likely surge in inflation expected in the Autumn.
Meanwhile, Ian Gadsby, managing director of Ylem Energy, discusses the hidden potential of onsite energy generation for manufacturers and the state of global energy generation and its impact on costs in this exclusive podcast interview.