Agenda item

Energy Costs Update

Report of the City Surveyor

Minutes:

The Committee considered a report of the City Surveyor on energy costs and forward strategies to deliver the most economically advantageous terms by forward buying energy.

 

In response to questions from Members, Officers stated that energy efficiency initiatives at Smithfield Markets had achieved energy savings of £200k pa and the scope for delivering further energy savings were being explored.  The energy team are presently undertaking a tender exercise to forward buy 50% of the Corporations electricity supply through a Power Purchase Agreement (a long-term electricity supply agreement) toprovide cost certainty and long-term reduced commodity cost.

 

The Committee was concerned that all reasonable steps should be taken to mitigate against increasing energy costs for traders and agreed that a letter be sent to market traders explaining the actions being taken by the Corporation of London to reduce energy consumption and energy costs.  It was also suggested that Officers engage with Tenants Associations and report back to the next meeting on proposals to further reduce energy costs and energy consumption taking into consideration the views of traders.

 

RESOLVED –

 

(1)   That the report be noted.

 

(2)   That all reasonable steps should be taken to mitigate against increasing energy costs for traders and agreed

 

(3)   That a letter be sent to market traders explaining the actions being taken by the Corporation of London to reduce energy consumption and energy costs.

 

(4)   That Officers engage with Tenants Associations and report back to the next meeting on proposals to further reduce energy costs and energy consumption taking into consideration the views of traders.

 

 

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