Agenda item

Report of the City Surveyor

The Committee considered a report of the City Surveyor setting the context for energy pricing and options for future energy procurement for the City’s wholesale markets

The Chairman requested further details on the mitigation measures referred to in paragraph 8 of the report and in response, Officers stated that a number of actions were proposed including

·      Energy efficiency measures at Smithfield Market which had generated savings of £350k.

·      Proposals for advance buying of energy through a 15 year Power Purchase Agreement to secure the best commercial advantage and remove volatility/fluctuation for 50% of the City’s energy costs including the wholesale markets.

·      Updated risk profiling to assess whether further mitigation measures are required.

Officers also advised that different rates were charged for day and night consumption and that the CoL would take full advantage of the reductions in energy charges and these reductions would be passed on to tenants and traders.

The Chairman urged officers to engage with tenants and traders so that they were kept informed of developments and requested that a briefing paper be prepared within the next few days so that the Chairman could formally respond to the concerns raised by SMTA.

RESOLVED –

1.     That the report be noted.

2.     That a briefing paper be prepared within the next few days so that the Chairman could formally respond to the concerns raised by SMTA.