Vayu Opens Wholesale Gas Market to Mid-Sized UK Businesses
Irish gas and electricity supplier Vayu launched Vayu Energy Smart, a product that gives mid-size gas users access to day-ahead wholesale gas prices based on the System Margin Price (SMP) index. The SMP index has been an average of 20 percent cheaper than the fixed market this year. At any time during the contract, businesses can “lock in” the balance of their remaining contract or winter consumption at prevailing live prices.
Mid-size gas users are defined as those businesses with daily gas consumption in excess of 500 therms.
In 2003, Vayu became the first independent supplier to be awarded a gas shipping and supply license in Ireland. The company now supplies 22 percent of Ireland’s largest natural gas business customers and 15 percent of the mid-sized gas user segment.
Vayu entered the UK business gas market—valued at over $11.28 billion per year—in June. As part of its expansion into the UK energy market, Business & Leadership reports, the company completed the roll out of its energy management portal MyVayu. The portal provides businesses with a suite of online analytical tools to manage their energy consumption more efficiently and optimize their electricity and gas procurement decisions.
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