Last year, Notting Hill Genesis submitted an application to the First Tier Tribunal seeking permission to dispense with the consultation regulations for the agreement of long-term energy supply agreements.
This is because we want to use our utility broker Inenco to purchase energy directly from the energy market and it is not possible to complete a full consultation because prices are only valid for a couple of hours.
Purchasing energy from the wholesale market is the best way to obtain the most competitive pricing and is therefore of benefit to residents. With the freedom to access this market at the most opportune time we can access the best prices, which is particularly important when energy costs are at historic highs. We have a shared interest in this as the energy costs for running our business are procured under the same contract.
Inenco will assist us in procuring utility contracts by using established trading practices to scan a wide variety of suppliers in the market and achieve the best value for us and our residents. They will also assist us in making sure that the invoices we receive and pay are being charged at the correct contractual rates to avoid situations where our residents are overcharged.
First Tier Tribunal decision
We received notification from the First Tier Tribunal on 17 March 2022 that dispensation has been granted on terms.
Ideally, we would have obtained dispensation earlier to afford us the ability to procure energy supply agreements in the market earlier when prices were lower. But in the event, the First Tier Tribunal were satisfied that we had addressed residents’ objections to our application.
Click here for the full decision, details of the case and leaseholders’ appeal rights.