A browse on the Internet
buyENERGYonline has set up an electricity trading website for UK businesses –www.buyENERGYonline.
com – to take advantage of falling prices in the generation market. Quoting figures of 10 per cent for peak load and 15 per cent for baseload, the company calculates that more than £1bn is there to be saved. Users (only business customers at this stage) enter their requirements on screen and that information is flagged to major electricity suppliers. The best three bids are passed back to the customer and the supplier that wins the contract pays buyENERGYonline a fee for the introduction.
The company, which already operates a web based gas trading facility, plans to take the system into Europe shortly, to take advantage of growing energy competition within the EU. Its chairman is none other than Clare Spottiswoode, formerly Director General of Ofgas and responsible for the introduction of full competition in gas supply throughout Great Britain.