TEC 2024 Annual Report Final - Flipbook - Page 3
THE YEAR IN REVIEW
TEC - CHAIR REPORT
“We are increasingly focused on supporting members with
the ability to reduce consumption and carbon emissions in
addition to our core services.“
JO BUTLIN - NON EXECUTIVE CHAIR, TEC
As we emerge from the energy crisis and experience ever more dramatic weather events, the need for
UK energy security and the transition to Net Zero has never been clearer. With one of the Government’s
five stated mission statements being to ‘Make Britain a Clean energy Superpower’, supported by the
creation of GB Energy and the National Wealth Fund, there is more optimism for change than has
been present for many years. However, there is a long way to go before promise turns into reality on
the ground. For our members, there is no lack of commitment to change, but the challenge of finding
affordable solutions remains the biggest hurdle.
Fortunately the wild increases and volatility in energy prices
seen in 2023 have receded in the last twelve months,
albeit settling at a level significantly higher than pre-covid
and Russia’s invasion of Ukraine. Inevitably, the forward
purchasing risk management strategy used in the energy
framework contracts, means that actual rates paid soften later
than the immediate spot market, but we are now at the stage
where the benefits of falling prices are feeding through into
bills. The key benefit of the active risk management strategy
meant that members are always insulated as far as possible
from peak prices and volatility in the market.
From a TEC perspective, and particularly in the context
of the funding crisis in the HE sector, we are increasingly
focused on supporting members with the ability to reduce
consumption and carbon emissions in addition to our core
services. Development of data services is key to understanding
opportunities and the team have worked hard to deliver more
functionality and insight into site and campus data. We will
continue to develop our capabilities and services in this area.
Our services in risk management and energy procurement
remain core to the business and we were very pleased to
successfully complete the re-procurement of both the electricity
and gas framework agreements in the year, with the ultimate
decision to remain with both EDF (Electricity) and Corona
(Gas). The process was thorough and resulted in some hard
fought improvements to terms and conditions.
One of the highlights of the year for me, was being able to
attend the TEC Conference in November. It was a pleasure
to meet so many members, and to hear from some great
speakers. The more focused workshops, were, like the whole
conference very well received by attendees and the event is
now firmly back in the diary for next year.
As ever, I am very grateful to the Board and the TEC Team for
all their commitment and hard work. The Team continue to go
from strength to strength and continue to strive to deliver for
all members.
In addition, we are facilitating insight and information in
relation to heat and consumption reduction opportunities,
with momentum building in our webinar, workshop and
communication channels.
Recognising the financial challenges in the sector, our focus is,
as far as possible, on low capital intensive initiatives and we
are also starting to look to the market to develop innovative
funding opportunities.
THE ENERGY CONSORTIUM - ANNUAL REPORT 2024
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