Flexible Electricity Purchase Contract for Half-Hourly and Non-Half-Hourly Meters

About

City of London Corporation awarded a contract to Total Gas and Power Ltd for the flexible purchase of electricity covering both half-hourly and non-half-hourly meters over a three-year period commencing 1 October 2018, valued at AUD 35,097,027.

The contract operates on 28-day BACS payment terms without credit mitigation and includes a minimum +/-20% annual volume tolerance, a fixed three-year shape fee, and a fixed management fee.

It enables the Authority to purchase commodity costs via over-the-counter pricing through traders at Mitie Energy's Risk Management Team, with options to fix/unfix, purchase at day-ahead indices, and reforecast volumes.

The supplier is also required to provide REGO-backed renewable energy from the start of the contract and to accommodate future sleeving of renewable energy and embedded benefits from third-party generators or Power Purchase Agreements.