Spark Energy agrees wholesale trading agreement with Morgan Stanley Commodities
Jan 22, 2014 by Spark
Spark Energy agrees wholesale trading agreement with
Morgan Stanley Commodities
Spark Energy has entered into a wholesale trading agreement for the first time with leading wholesale energy trader, Morgan Stanley Commodities.
All of Spark Energy’s gas and electricity will be supplied by Morgan Stanley Commodities’ team in London at competitive prices, enabling the fast-growing energy company to access wholesale markets while continuing to provide its customers with the cheapest energy prices in the market.
In return for agreeing to buy its wholesale gas and electricity from Morgan Stanley Commodities, Spark Energy has obtained access to long term hedging and supply arrangements for its core commodities on extended payment terms and on a collateral-free basis.
Chris Gauld, Managing Director of Spark Energy comments: “This is a landmark deal for Spark which allows us to compete with the big six energy companies on a more level playing field. Buying our energy through Morgan Stanley Commodities will facilitate further investment into the business, such as the £1.4 million spent on improving our customer service, and also provides increased stability against wholesale price fluctuations, so our customers will continue to benefit from the cheapest energy rates in the market.”
Olivia Hartridge, Executive Director at Morgan Stanley, comments: “We are delighted to be teaming up with Spark Energy and helping the company to access wholesale energy markets on a collateral free basis. This will enable the company to invest capital in the business for the benefit of its customers.”