The Markets Board was scheduled to meet to discuss updates from the general managers of the City of London's three wholesale markets, as well as an energy update, and other business. The board was also expected to agree the public minutes and non-public summary of the previous meeting.

Energy Update

The Markets Board was scheduled to receive an Energy Update Report from Emma Bushell, Assistant Director – Head of Energy & Sustainability, covering energy and cost-related matters.

The report noted a 16% average reduction in energy prices for the markets when comparing 2024/25 with 2023/24, but also noted that water prices had risen by an average of 33% in 2025/26. This water price rise is in effect for the entire country as Thames Water seeks to recuperate £104 billion to improve the network.

The City Corporation's Power Purchase Agreement (PPA) commenced in January 2023, and the markets have received £2.6 million in PPA credits since its inception. The agreement provides for a proportion of the total City Corporation electricity to be supplied at a significantly lower rate than the current wholesale market.

Total energy consumption, excluding tenants, is performing better than the baseline year. However, consumption for 2024/25 compared with the previous year has increased across all three markets due to factors including a colder year, mechanical issues, meter issues, and staff turnover. As a result, scope 1 & 2 carbon emissions have also increased compared to the previous year.

The Energy Team is taking actions to mitigate these issues, including:

• Working with CBRE and Schneider to identify and rectify mechanical and controls issues at Smithfield Market;
• Working with CBRE to identify and install energy conservation measures at Billingsgate Market with a short payback, such as LED lights and heating controls;
• Drafting a business case for the replacement or recommissioning of tenant meters at New Spitalfields Market as these have been identified as suffering data accuracy issues.

General Manager Updates

The board was scheduled to receive updates from the general managers of Smithfield, New Spitalfields and Billingsgate Markets.

Smithfield Market

• The team is fully resourced across all departments, save for maintenance where there have been two resignations, and one cleaning role. These posts are covered by experienced agency staff.
• Quotes are being pursued for cleaning of all bird netting around the market, as this was last cleaned almost two years ago.
• Following issues with missed collections by a contractor, collections are being reviewed.
• A bin audit is being conducted at the request of the Smithfield Market Tenants' Association (SMTA) to identify usage in traditional non-market hours.
• Colleagues in the Energy Team have confirmed impending substantial water bill price increases. A water efficiency audit supported by Thames Water has been arranged, as well as the installation of a new urinal with a non-return valve, estimated to save over 600 litres of water a day.
• The netting of the glass canopy began on 11 June 2025 and should be close to completion at the time of the meeting.

Billingsgate Market

• Following a successful recruitment campaign, the constabulary have recruited to all vacant positions.
• A maintenance operative role will shortly be advertised, which is currently filled by an agency worker.
• The market is working with Mitie to create a waste compound on site to improve both efficiency and the look and feel of the site.
• Colleagues in the Energy Team will be visiting Billingsgate with a view to identifying some energy measures with quick payback. A water efficiency audit is to be undertaken by Thames Water in early August.
• The market is continuing to liaise with Q Shop tenants around the Q Shop health and safety improvement project, where the first stage is the implementation of ANPR¹ controls on site to automate the management of transport and parking controls and to improve visibility and congestion.
• The London Fish Merchants Association (LFMA) continues to focus on enhancing safety in the Q Shop area and ensuring the effective performance and improved standards of the Mitie cleaning contract.

New Spitalfields Market

• The vacant posts of Electrician and General Maintenance Operative have now been filled, with New Spitalfields now having a full complement of staff.
• Standards have remained high during the transition period with new waste and cleansing provider, Mitie Waste and Environmental Services Ltd.
• The market is working with the energy team and various other partners to explore opportunities that would both modernise and improve New Spitalfields' energy performance. A feasibility study is currently underway regarding the delivery of solar panels and associated battery storage.
• The Market Constabulary continue to run campaigns promoting the site rules, focussing most recently on the wearing of high-vis clothing and HGV movements.
• A global extension agreement was put in place ahead of the lease end date to allow time for the lease negotiations to take place, this runs to the end of September 2025.

Public Minutes

The Markets Board was scheduled to approve the public minutes of the meeting held on 15 May 2025.