Newbury-based Fidelity Energy is keen to share its knowledge of the energy market with West Berkshire businesses
A Newbury company is keen to share its knowledge of the energy market to help local businesses get the best deal during the current crisis.
Fidelity Energy has been trading for nearly nine years, from its base on Park Street, and has been offering advice on strategy and procurement and getting clients the most favourable deals possible with suppliers ever since.
Russell Downing, who heads up the direct selling arm of the firm, said: “There’s a lot of misinformation in the market and a lot of red tape and people don’t know where to turn.
“We are not the biggest broker, but we are one of the most reputable. Sometimes our advice is that we can’t help and they should stick with what they have, but it’s always about doing the right thing for the business we are helping.
“We would always encourage businesses to seek professional advice, whether with us or another reputable broker.”
As part of the Newbury Business Improvement District at the time, Mr Downing was instrumental in setting up the inaugural West Berkshire Best in Business Awards.
This year he will return as a sponsor, as Fidelity Energy sponsors the Best Green Business category.
“It is great that the Newbury Weekly News has been able to revive the awards after Covid,” he said. “There are a lot of businesses in West Berkshire that we didn’t know existed until you see them at the awards.
“We are really looking forward to the awards. It will be a really great evening to promote the businesses in and around West Berkshire.”
The green category at the awards seemed the perfect for Fidelity, whose suppliers offer green or renewable energy as standard.
“We champion renewable energy,” Mr Downing added. “We have got to secure energy for the UK and generate our own energy.
“It is the right thing to do for the planet.”
Fidelity, which has invested heavily in technology over the past few years, is one of only two brokers in the UK with access to certain data sets which helps with its quotes.
He said the company was helping a number of its customers with onsite generation, such as solar panels and voltage optimization (VO), which saves – on average – 12 per cent on energy consumption, as well as carbon management and reporting, which is expected to become a legal requirement in the near future.
The company, which has 36 members of staff, works with businesses across the country.
Its portfolio contains owner/managed businesses through to large manufacturers and retail chains, social housing providers and sports venues.
Working with 27 leading energy suppliers, Fidelity is able to provide its customers with market reports to help inform the decision making, as well as procuring energy up to five years in advance.
Mr Downing said they believe the market will now remain “flat” for the next two years.
“People assume the energy crisis started in February last year, but we had already been in an energy crisis for 12 months by then,” he explained.
“There was the Covid shutdown and then things opened up much quicker than expected and there was not much wind in the previous years.
“And 2020 was a very cold winter, so it was a perfect storm and the end of 2021 and prices rose.
“They did come down but were then all compounded by the war in Ukraine.
“We expect to see it stablise over the next few years but the daily price still remains volatile.”
Some businesses didn’t realise there wasn’t a price cap in the commercial world, he added.
“But it has been fantastic to help a lot of people over the last 12 months,” he said.
“You can hear it in their voices on the phone. We have been able to mitigate the increase as much as possible for people.
“Energy is now number one on their P&L; when it never used to be.
“Energy affects everything; it’s right through the supply chain.
“That’s why we see the cost of living crisis.”
He said that not being so reliant on gas is now a “crucial thing” for the country to address.
“The crucial thing now is energy security and not being reliant on gas because that’s where we have come unstuck,” he said.
“The UK has invested heavily in wind and we really need to start looking at the nuclear option. We know how to use it and how to dispose of it now.
“We also have to start utilising hydrogen much more too. It’s the new kid on the block.”
And whatever new energies emerge over the coming years Fidelity said it will be continuing to ensure its customers get the best advice and the best prices available.
