Purpose

To call off a fixed supply of electricity and related services contract from 1 January 2026 to 31 March 2026 for all MCC corporate estate.

Decision

The City Treasurer & Interim Deputy Chief Executive agrees to call off a fixed term contract for the supply of electricity and related services to MCC’s corporate estate (including street lighting).

The electricity contract is expiring on 31st December 2025 and needs extending to avoid out of contract rates. As the electricity wholesale markets remain volatile, due to geo-political events, and the electricity wholesale markets are below 6 month price averages the Corporate Energy Team would like to lock in a fixed term contract until 31st March 2026.

Due to the electricity wholesale market volatility fixed contracts only remain valid on the same day they are provided and, therefore, the requirement for an urgent contract turnaround.

As such, the Chair of Resources and Governance Scrutuiny Committee has agreedt to exempt this decision form Call In