Member Article

Open Energy Market fund outpaces market averages on both gas and electricity by over 25% in Winter 2023

• Fund members paid 30.2% less for electricity and 22.9% less for gas versus the market average.
• OEM secures lower energy costs for entirety of winter 2023 for some of the UK’s largest businesses.
• Market outperformance follows launch of proprietary net zero platform, True.

London, 17 November 2023: Open Energy Market (OEM), a leading provider of energy procurement services and net zero technologies, today announces the performance of its energy fund for Winter 2023.

During the latest trading season, OEM’s flagship fund once again demonstrated its consistent ability to outperform the market, beating the market lows and achieving savings of 30.2% on electricity and 22.9% on gas, compared to the market average.

Most OEM Performance Fund members operate in energy intensive industries, such as manufacturing, engineering and data centres, or manage complex energy requirements across multiple sites, including sports organisations, retailers and hospitality providers. As such, striking the optimal balance between expenditure and usage in energy procurement strategies is business critical.

In a year where many energy users are still paying inflated rates from the energy crisis, OEM’s fund members will be benefiting from significant savings this winter, securing competitive advantage and much needed control on energy costs during the current economic uncertainty.

Business challenges for maintaining control of rising energy costs, alongside evolving business cases for renewable investment, are expected to continue as regulatory debate on energy prices, decarbonisation, and net zero commitments builds into the upcoming 2024 general election.

True, powered by OEM, which unites an organisation’s real energy procurement costs and net zero strategies in one platform, offers businesses another complementary avenue for securing greater financial control and confidence when managing energy costs and carbon emissions.

By leveraging real-time energy data, businesses can make informed decisions about their energy and sustainability strategy to streamline their power use and reduce emissions.

Dean Atwell, CEO of Oakland International, a leading food distribution company that uses both the fund and True, comments: “For the Winter 2023 season, we’re pleased to have avoided electricity costs of £374,500 thanks to Open Energy Market’s fund. Alongside this, with True we can look at our energy profiles and the energy profiles required across our Food Park and then match that up with renewable energy solutions to create a broader energy strategy. We’ve reached a stage of total confidence that we’ve got the right partnership, which is really important to us, and see Open Energy Market and TRUE as a partnership that can add significant value.”

Chris Maclean, CEO of True, powered by Open Energy Market, said: “With energy cost and consumption remaining top of mind as a volatile energy landscape intersects with our climate crisis, it’s understandable that large businesses are looking for More understanding and confidence in their costs and net zero investments. “There are so many complex moving parts to building and maintaining the right commercial energy strategy, and I’m thrilled with the tangible, positive results that our expert teams are consistently able to deliver for hundreds of energy intensive businesses through our flagship fund and data-driven platform.”

This was posted in Bdaily's Members' News section by Lucie Hayes .