tem, the energy transactions platform, has announced that it is working with more than 1,500 UK businesses and renewable generators, a major milestone in its mission to tackle the fundamental flaws of the wholesale energy market and bring down businesses’ energy bills through radical reform.
As pressure continues to build on the government over its net-zero energy policies, with Sir Tony Blair arguing its approach is ‘doomed to fail’ and ministers debating the merits of zonal pricing to bring down the cost of renewable energy, businesses are still being forced to pay up to 25% premium for their energy.
Despite the rise of decentralised renewable energy production, multiple intermediaries separate businesses from renewable generators in each transaction, driving up the cost businesses pay.
tem enables businesses to bypass wholesale market middlemen and buy energy directly from renewable generators. This model has already saved businesses over £20 million and facilitated the matched transaction of more than 350,000 MWh of renewable energy – enough to power nearly 130,000 UK households for a year1
Customers using tem’s transparent, AI-powered platform – which directly matches their energy needs with the right renewable generators – include leading British businesses such as BOXPARK, Pizza Pilgrims, and Fevertree.
Joe McDonald, CEO and Co-Founder of tem, said, “We are so proud to reach this milestone; it’s proof that businesses and generators are hungry for a more transparent and fairer energy system after being repeatedly failed by the current one. All because the fundamental flaw of our energy system – the wholesale market – remains overlooked.
To end this punishing cycle of overinflating prices and underdelivering on expectations, we need to see a radical reset towards a transparent system that decouples renewables from fossil fuels and clears the path for faster, direct access to clean energy for all. That’s the only way to ensure every British business pays closer to the true cost of energy, that every generator keeps more of what they earn. At tem, we’re making sure they have a choice, by finally daring to offer a different way of doing things. ”
tem’s first-of-its kind approach to energy transactions has seen the business raise £10.5m from leading investors including Atomico, AlbionVC, Revent, Holly and Sam Branson, and Wise executives Harsh Sinha and Nilan Peiris.
1. Based on average annual electricity consumption of a typical household in England, Scotland and Wales – 2,700 kWh (Ofgem).
