At BNS, our commitment to providing expert property management services extends beyond just efficient operations and maintenance. We understand that securing the best energy deals for our clients is a crucial part of ensuring their properties run smoothly and cost-effectively.
In this blog post we’ll delve into our energy procurement process, highlighting how we navigate the volatile energy market to benefit our clients.
BNS has clients across an extensive area including Bristol, Bath, Gloucester, Cardiff, Exeter, Taunton, Yeovil, Swindon, Reading, Newport, Bridgend, Cheltenham, and Hereford. We are dedicated to finding the best deals for our valued clients far and wide.
Yearly Market Exercise for Competitive Energy Supplies
Every year, BNS conducts a comprehensive market exercise to source the most competitive block and estate energy supplies on behalf of our clients.
Our goal is simple: to secure the best energy deals that combine cost-efficiency and high-quality service.
This process involves thorough research and collaboration with energy firms and brokers, with a particular focus on obtaining favourable rates before the October renewal of electricity for communal supplies.
In recent years, the energy supply market has experienced significant volatility and uncertainty, leading to challenges in securing supplies for block management companies.
Despite these industry-wide issues, BNS has successfully fixed our clients’ electricity costs for 12 months, starting from 1st October, through collective purchases. Our commitment to finding competitive contracts remains unwavering as we continue to engage with suppliers and brokers throughout the year.
Navigating a Complex Tender Process
The past 18 months have been marked by turmoil in the gas and electricity market, impacting all consumers. The property management sector has faced unique challenges, with some suppliers exiting the sector due to perceived risks.
This situation has significantly affected the tender process for block and property management companies, reducing the number of suppliers available and creating uncertainty around dormant account statuses.
To ensure diligent supplier selection, BNS invited several specialist brokers in Block Management utilities to tender for our managed schemes.
Following an extensive evaluation process, we chose to collaborate with an energy company for placing, renewing, and managing all our managed meters in 2023-2024. This choice was based on the provider’s competitive pricing, additional services like bill accuracy checks, and regular meter reads registration to ensure accurate billing for our clients.
Saving Money and Ensuring Reliability
Placing meters into contracts is not always straightforward, as sites’ meters undergo credit checks, and not all sites pass. In cases where meters could default to expensive out-of-contract rates, BNS’s close collaboration with our chosen energy provider ensured cost savings for our clients.
Furthermore, we align our meters with a common end date of 30th September, allowing clients to benefit from keener rates from suppliers.
BNS’s deep understanding of the energy market and our partnership with a block management utility specialist guarantee prompt resolution of billing queries and continuous support from a team of knowledgeable staff at BNS.
Navigating a Complex Energy Market
The energy market has faced various challenges in recent times, from the surge in demand following COVID-19 lockdowns to geopolitical conflicts impacting energy costs. These factors, combined with other risks such as market demand changes, summer temperatures driving AC demand, and global LNG plant strikes, contribute to ongoing energy market volatility.
While market conditions have improved and prices have fallen, energy costs remain significantly higher than pre-COVID levels.
BNS remains vigilant, closely monitoring the market and seeking expert advice to lock in favourable rates.
Our primary goal is to ensure our clients benefit from reliable, cost-effective, and value-for-money energy services across all disciplines.
Continued Commitment to Client Satisfaction
BNS is highly satisfied with the results of our market review and tender process, which aim to secure the best service and pricing options for all our clients.
As managing agents, we remain dedicated to reviewing the market to achieve favourable rates and explore energy-saving opportunities that can lead to cost reductions for our clients, such as upgrading electrical equipment and optimising lighting usage in communal spaces.
At BNS, our holistic approach to property management encompasses every aspect of your property’s well-being, ensuring that you receive efficient, cost-effective, and dependable services.
Want to find out more about our block management services? Get in touch – we’ll be happy to help.
