TEC 2024 Annual Report Final - Flipbook - Page 4
THE YEAR IN REVIEW
TEC SENIOR
LEADERSHIP TEAM
As we mark our 30th year, I am delighted, on behalf of the entire TEC team, to share a few reflections
on the past 12 months. This milestone serves as a unique moment to once again celebrate our collective
achievements, acknowledge the challenges we have faced, and look forward to the opportunities that
lie ahead.
Navigating Energy Market Volatility
New Utilities Frameworks
The energy market has continued to present significant
challenges, with prices still influenced by
geopolitical tensions and speculative trading
activity. However, prices have eased
considerably compared to recent peaks,
offering some relief. Through this
period of uncertainty, TEC’s flexible
buying programme has continued
to deliver value, providing members with
transparency, low costs, and the confidence
of wholesale cost budget certainty.
The MSA team had another strong year, focusing on member
support and market engagement amidst ongoing financial,
energy and decarbonisation challenges.
Strengthening Risk Management and Systems
In response to evolving market dynamics, we have implemented
key developments to enhance our risk management capabilities:
• The
introduction of a fully supported Energy
Trading and Risk Management (ETRM) system has
improved our resilience and ability to track trades,
manage positions, and monitor exposure at both
portfolio and basket levels.
• This ensures that our risk management strategies remain
robust, transparent, and effective in delivering the best
outcomes for our members.
Harnessing the Power of AI
By partnering with, kWIQly we have leveraged AI technology
to improve forecasting accuracy and gas profile management.
This innovation has enabled us to:
• Identify discrepancies between actual and expected
demand at the meter level.
• Help
members manage their energy budgets more
effectively while minimising trading costs.
These technological advancements reflect our ongoing
commitment to innovation and continuous improvement.
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Highlights include:
• Development
and procurement of new Gas,
Power, and Water Frameworks, enhancing the
team’s expertise in supplier selection, tendering, and
evaluation processes.
• Expanding the application of kWIQly’s analytics to
electrical and sub-metering trials, building on its success
in gas savings and carbon reductions.
• Growth in team capacity to meet increased demand
and ensure continued excellence in service delivery.
These efforts have ensured that TEC remains a trusted partner
for members navigating energy risk management and carbon
reduction challenges.
Enhanced Bureau Services
In response to the financial challenges our members
are facing, the Bureau team focused on ‘doing
more with less’. As highlighted in the 2023/24
Benefit Statement, utilisation of TEC services
delivers an average saving of £11.10 for
every £1 spent on framework fees and over
£847,000 saved in water utilities
A proportion of this value for members has been
driven through process improvements and new
services:
• Introduction
of Actual vs. Forecast reporting via
MITIE ORBIT and trialling services such as payment files
and budget reporting, delivering measurable savings.
• Improved
validation of gas and power invoices,
achieving an average processing time of just 6.7
working days.
THE ENERGY CONSORTIUM - ANNUAL REPORT 2024
