npower has announced the launch of a new service called Risk Navigator, designed to give businesses detailed and timely market information and data to support more informed energy buying decisions.
Risk Navigator, believed to be the first service of its kind in the UK, gives businesses online access to market and price information and their own business specific reports thereby helping with their energy purchasing decisions.
The new web-based service gives secure and easy access to market news as it breaks, monitors historic wholesale closing price movement, and provides up-to-date detail on customers' own hedging positions. The service is available at no additional cost to new and existing npower customers purchasing in flexible arrangements.
npower is believed to be the first energy provider to offer this service for energy buyers and consultants, building on its range of tools and products to help businesses improve their energy management and their energy price risk.
Risk Navigator has been developed in three levels - Analyst, Manager and Professional - each offering clients increasing levels of sophistication and intelligence about market conditions and commodity prices, and details on their energy buying history. Businesses can select the level that best meets the complexities of their energy buying arrangements.
Douglas McLeish, npower's Corporate Markets Director, said: "Energy is one of the most volatile costs for businesses, so there is a potentially huge amount of value at stake through the timing of purchasing decisions. With Risk Navigator we're helping businesses to better manage their energy price risk by giving quick and easy access to accurate, insight and data, eliminating the guess work they sometimes face when buying energy.
"This initiative complements an ongoing range of support services provided to clients from the Optimisation Desk on our trading floor. It will enable them to make more informed buying decisions and better manage their budgets," Mr McLeish concluded.
npower is one of the top business energy suppliers to the UK market, serving over 230,000 small to medium sized enterprise sites and around 15,000 industrial and commercial customers, with over 100,000 sites.
npower business is dedicated to helping UK businesses use energy more efficiently and therefore spend less money on their bills. The company aims to have a positive impact on the communities it serves and reduce its customers' carbon footprint, whilst always improving its service to customers. npower specialises in risk management solutions, including market-leading flexible energy purchasing, energy efficiency and broader energy management functions, tailored to every size of business.
For major energy users, npower Business offers multi-utility management consultancy to enable organisations to improve efficiencies right across the procurement/consumption chain. npower customers include BT, Wembley Stadium plc, AstraZeneca and Sainsbury's.
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