Spark Energy agrees wholesale energy trading agreement with Macquarie Group
Jan 27, 2016 by Spark
Spark Energy has entered into a wholesale energy trading agreement with Macquarie Bank Limited, part of the Macquarie Group, the global financial services provider, it was announced today.
The deal means that all of Scottish Borders-based Spark’s gas and electricity will be supplied by the Energy Markets Division of Macquarie at competitive prices.
This will enable the fast-growing energy supplier to participate in long term wholesale energy trading and supply arrangements on a collateral-free basis, meaning that its customers will have continued stability against wholesale price fluctuations, and allowing Spark to continue to offer low prices.
The deal follows on seamlessly from Spark’s previous energy trading agreement with Morgan Stanley, which has ended following the withdrawal of Morgan Stanley from the European gas and power-trading market.
Spark Energy’s CEO Chris Gauld said: “Our new agreement with Macquarie continues our work in establishing a first class energy supply company that offers to benefit tenants right across Great Britain. The new arrangement improves on our previous agreement with Morgan Stanley, and will ensure our customers and partners will continue to enjoy low, stable prices and constantly evolving customer service offers that save tenants, landlords and agents time and money. Recent Ofgem statistics show that we received around a third as many complaints as the best of the Big Six and with a suite of lower priced tariffs coming soon we’re looking forward to the future with Macquarie as a partner.”
Erik Petersson, Head of Macquarie Energy Markets Division EMEA, , said: “We are excited to work with Spark Energy and support the company’s continued growth by providing a new wholesale energy trading facility on a collateral-free basis. This will enable the company to invest more capital in the business for the benefit of its customers.”
Spark Energy is Britain’s only energy supplier specialising in supplying gas and electricity to the residential letting sector. Late last year it moved into the social housing market for the first time, working with three of the UK’s leading social housing providers. The company now employs over 300 staff at its Selkirk headquarters, making it one of the biggest employers in the Borders, and is one of the fastest growing companies in Great Britain, having recently delivered a third year of profitable growth with turnover reaching £118m.