Power supplier npower has introduced a new product which they hope will give medium-sized companies a new approach to buying their energy by incorporating price alerts at trigger points agreed with the company.
Research by npower found that the majority of UK mid-sized businesses ranked energy as their second highest business concern but more than half do not have the time or resources available to reap the benefits of a more sophisticated energy product.
Jon Davies, head of product management and strategy at npower said: “Traditionally, many medium-sized businesses pay for their energy on a fixed price tariff, and renew their contract at the same time each year. As the energy market is constantly fluctuating, being tied into a renewal date sets their prices for the year, no matter how high market costs are at that point, removing any flexibility to take advantage of an ever changing wholesale energy market.”
‘PriceWatch’ has been designed for customers that use between 200MWh and 10GWh per annum and currently purchase energy at a fixed price, but want greater flexibility over their energy purchasing decisions.
Jon Davies said the new product offered companies a better deal: “If a trigger is hit, the business will be contacted with the option to renew early, allowing the business to lock in their energy contract at a price that is in line with their budget.”