An Irish energy firm has won a three year contract, worth €5 million, with the C&C Group.

The deal with Vayu Energy represents a milestone for European energy deregulation by enabling, for the first time, a multinational company with operations in the UK and Ireland to procure natural gas centrally from a single supplier.

The deal provides C&C Group with direct access to wholesale gas prices in the UK and Ireland, allowing the company to achieve significant cost savings by taking full advantage of cheaper prices available in the wholesale gas markets. As part of a fully managed service, Vayu Energy will also provide C&C Group with a suite of procurement tools to manage consumption risk in addition to continuous market analysis and advice to minimise energy spend.

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Denis Cronin, head of energy procurement at C&C Group commented: "The deal is an important part of our strategy to drive continuing efficiency across our operations and will significantly streamline our approach to gas procurement in Ireland and the UK. The deal provides our business with increased flexibility and cost benefits and is backed up by Vayu’s deep expertise and understanding of the gas market."

(CD)