Helping businesses avoid costly mistakes on energy contract renewals
Norfolk Chamber members service Chamber Utilities™ has published a free 'Quick Guide' and launched a Renewal Reminder Service to help chamber members avoid making costly mistakes on renewing energy contracts.
The guide advises organisations how to avoid falling foul of expensive 'out-of-contract' and 'deemed rates', which sting many businesses each year.
All business customers must either re-negotiate their contract or give adequate notice to terminate their services prior to a contract end date, serving up to 90 days' notice. Failure to do so can result in over-inflated, uncompetitive 'out-of-contract'’ or ‘extended/deemed rates’ until a new deal is struck.
The Quick Guide explains how and why the penalty charges occur and how to correctly manage existing gas and electricity supply contracts to prevent being subject to over-inflated energy prices.
With the busiest spring renewal period fast approaching, Chamber Utilities™ is advising organisations to act now to avoid financial penalties and the prospect of being locked in to an uncompetitive contract.
Chamber Utilities™ Renewal Reminder Service provides Chamber members with an automatic reminder before their energy contracts are due for renewal. Once members have registered for the service they are then notified well in advance of their renewal date to give them ample time to serve notice on their supplier. This ensures they won’t suffer from over-inflated Out of Contract tariffs and provides time to search the market and find the best deals possible.
“Companies which have contracts renewing between April and October should act now to avoid potential penalties," said Gary Collins, Chamber Utilities™ Business Manager. “Suppliers require between 30 to 90 days’ customer termination notice to switch contract. Many businesses don’t realise this and are leaving it too late. Most organisations faced a 20% increase in renewal costs last year and the upward trend continues, so there is a clear financial imperative to test the market in an attempt to mitigate potential cost increases.”
The ‘Quick Guide to Out-of-Contract and Deemed Contract Rates' is available free to download from: http://www.chamberutilities.co.uk/whitepapers.aspx
To register for the free Chamber Utilities™ Renewal Reminder Service, visit: http://www.chamberutilities.co.uk/renewal.aspx