LONDON, August 19, 2014 /PRNewswire/ --
The ICIS Power Index will remove confusion over the actual level of wholesale energy prices which feed into final bills
ICIS, the independent authority on global energy markets, has launched the ICIS Power Index (IPI), which provides UK energy users, commercial buyers and policy-makers with a simple way to see wholesale energy price trends that impact the retail market.
The index, which delivers insight into the complex world of wholesale energy prices for both households and industrial electricity consumers, is updated every working day and is freely available from the ICIS website.
"The IPI will give energy users, buyers and policy-makers an independent and reliable source from which to assess the impact of UK wholesale electricity prices," said Zoe Double, Head of Power at ICIS.
The IPI is based on daily trade data for a whole year of delivery, which helps prevent confusion caused by seasonal price trends. The index reflects what is really going on in the market on any given day as it is based on real activity on two of the most widely traded contracts.
"We're very pleased to be able to provide this new level of transparency into complex wholesale energy prices," Zoe continues. "Energy markets have come under increased scrutiny, and the aim of ICIS is to provide a clear wholesale price reference, so that debate can centre instead around the real policy issues."
The UK electricity market is complex - every day, ICIS assesses electricity contracts for more than 40 different delivery periods for the UK market alone. The IPI gives a simple reference, and ICIS will provide its expert, detailed analysis of the index to highlight industry trends on a quarterly basis.
Support for the ICIS Power Index
- Jeremy Nicholson, director of the Energy Intensive Users Group
"This is a meaningful index that will help consumers understand the costs their suppliers are passing on. It's a positive move for transparency - the more information out there, the better."
- Angela Knight, Chief Executive of Energy UK
"Energy UK, and its members, has been very keen to see accurate, high-quality information readily and easily available so that everyone - not just energy insiders -can see what is going on in the electricity market. The ICIS Power Index is a great step forward in helping dispel myths about energy prices."
- Andrew Buckley, director-general, Major Energy Users Council
"Wholesale price movements are key information for our members, and the new ICIS Power Index will help bring clarity to what's going on."
- Nigel Cornwall, managing director, Cornwall Energy
"The IPI is a good idea - it's the right way to show greater transparency on the wholesale market."
- David Jutton, managing director, Jutton Associates
"The IPI is a useful and clear index for UK power. We've had a need for a similar number for a long time."
ICIS is an independent price reporting agency focusing on global energy, petrochemical and fertilizer markets, and we have covered the complex UK electricity market for nearly two decades. Every day, we assess electricity contracts for more than 40 different delivery periods in the UK market alone. The analysis and data that we produce is widely used as a reference price in energy contracts.
It is our aim to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions.
With a global staff of more than 800, ICIS has employees based in Houston, Washington, New York, London, Montpellier, Dusseldorf, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Yantai, Tokyo and Perth. ICIS is a division of Reed Business Information, part of Reed Elsevier Plc.
About Reed Business Information
At Reed Business Information we provide information and online data services to business professionals worldwide. Customers have access to our high-value industry data, analytics, information and tools. Our strong global brands hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of Reed Elsevier, a leading global provider of data, information and solutions for professional customers.
About Reed Elsevier
Reed Elsevier is a world leading provider of information solutions for professionals. We help scientists make new discoveries, lawyers win cases, doctors save lives, corporations build commercial relationships, insurance companies assess risk, and government and financial institutions detect fraud.
Senior Marketing Manager, ICIS
Head of Power, ICIS