Case Study Overview
Unicorn Bar & Restaurant is a well-known restaurant and bar in Dooradoyle, Limerick, serving the local community since 1962. The business uses more than 210,000 kWh of electricity a year, making electricity costs an important part of its annual expenditure.
The Financial Controller contacted Utilityfair to review the business's existing wholesale tracker contract. With increased volatility in wholesale electricity markets, the aim was to assess whether continuing to track the market remained the right approach or whether moving to fixed pricing would provide greater budget certainty.
Utilityfair reviewed the business's electricity consumption and existing rates before comparing fixed-price options across all suppliers. After reviewing the available options, Unicorn Bar & Restaurant decided to move to a new 12-month fixed-price electricity contract, reducing annual electricity costs by €7,265 while providing greater certainty over its electricity costs for the year ahead.
Key highlights: €7,265 annual electricity savings and greater budget certainty through a new 12-month fixed-price contract.
| Unicorn Bar & Restaurant Energy Review: Key Figures | |
|---|---|
| Industry | Restaurants & Bars |
| Location | Dooradoyle, Limerick |
| Annual Electricity Usage | 210,548 kWh |
| Annual Electricity Spend | €72,862 |
| Procurement Strategy | Full market comparison moving to a fixed-price contract |
| Contract Length | 12 months |
| Outcome | €7,265 annual electricity savings |
Customer Testimonial: Unicorn Bar & Restaurant on Working With Utilityfair
"We were on an electricity contract linked to wholesale market prices and became concerned about the impact rising prices could have on our energy costs. We contacted Dan at Utilityfair to review the options available and check whether it made sense to continue tracking the market or move to fixed pricing.
Dan reviewed our electricity usage and existing rates, compared the available options and clearly explained the differences between remaining on a tracker and switching to a fixed-price contract. Having certainty over our electricity costs is important to us, so we decided to move to a new 12-month fixed-price contract.
The new contract will reduce our annual electricity costs by €7,265 while giving us greater certainty over our energy budget for the year ahead. Dan was very helpful throughout the process and made the different options easy to understand."
— Dominic Macken, Financial Controller, Unicorn Bar & Restaurant Ltd.
The Challenge: Looking for Budget Certainty During Market Volatility
Unicorn Bar & Restaurant was purchasing its electricity through a wholesale tracker contract, meaning its electricity costs moved in line with changes in wholesale market prices.
With increased volatility in wholesale electricity markets, the business wanted to review whether continuing to track the market remained the right approach or whether moving to a fixed-price contract would provide greater budget certainty.
The Financial Controller contacted Utilityfair to compare all available options and determine the most suitable electricity procurement strategy for the business.
How Unicorn Bar & Restaurant Worked with Utilityfair to Secure Greater Budget Certainty
Utilityfair reviewed Unicorn Bar & Restaurant's electricity invoices, consumption data and existing tracker rates to establish the business's current electricity costs and usage requirements.
We then completed a full market comparison, comparing the wholesale tracker rates with the fixed-price contracts available across all suppliers. Working with the Financial Controller, we reviewed the different options and discussed the pros and cons of continuing to track wholesale prices compared with moving to fixed pricing.
With greater budget certainty a priority for the business, Unicorn Bar & Restaurant decided to move to a new 12-month fixed-price electricity contract. Utilityfair managed the contracting process, securing improved daytime and night-time rates and reducing the business's exposure to future wholesale market movements.
Results: €7,265 Annual Electricity Savings
- Total Savings: Unicorn Bar & Restaurant reduced its annual electricity costs by €7,265.
- Unit Rate Improvement: The new contract reduced the daytime electricity rate by 3.67 c/kWh and the night-time rate by 4.40 c/kWh.
- Contract Strategy: The business moved from a wholesale tracker to a new 12-month fixed-price electricity contract.
- Budget Certainty: Moving to fixed pricing reduced exposure to wholesale market movements and provided greater certainty over electricity costs for the year ahead.
Are You Looking for a Better Energy Deal?
Call 01 547 0999 or click below to request a free energy review. We will assess your current energy contracts, identify potential savings opportunities, and advise on the most suitable procurement options for your business. If you are happy to proceed, we will arrange the new contracts and manage the entire switching process, ensuring a seamless transition with no disruption to your business whatsoever. Utilityfair helps businesses reduce energy costs through competitive procurement.
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