Lytham headquartered British Independent Utilities (BIU) is celebrating after scooping a national award.
BIU fought off competition from seven other energy consultancies to pick up the trophy for ‘Risk Management Product or Service of the Year’ at The Energy Awards 2013 ceremony.
Over 500 of the energy industry’s elite gathered at London’s Grosvenor House Hotel last week for the annual awards dinner.
The Energy Awards reward the achievements of companies cutting emissions and leading the way in innovative energy use. The ‘Risk Management Product or Service of the Year’ award was presented to BIU for its Dynamic Energy Procurement Basket which aids energy price risk management. The ‘Basket’ combines the volume of smaller electricity users into a single larger purchasing group to provide them with greater buying power and further enhanced benefits not available to the smaller energy end user.
Over a three year trading period, BIU achieved total savings of £15m for one of its electricity purchasing portfolios made up of 40 clients.
BIU’s energy trader, Yaseen Bahadur, led the project. He said: “It’s fantastic to be recognised among our peers in the Energy Awards, which are highly regarded in the industry.
“We’re constantly looking for ways to enhance our offering. We’re operating in challenging times and in order to mitigate risk for our clients a new approach to purchasing for our smaller portfolios was the best option to safeguard them against energy price volatility.”