Beond were formed in 2003 following the electricity market deregulation and at that time the organisation was called Buy Energy Online (BEO). The core service of BEO was an online reverse auction pricing engine that aimed to increase pricing competitiveness for small and medium enterprise (SME) businesses in the UK. The system helped clients deliver real savings by comparing energy supply contracts fairly and transparently.
As the electricity market matured more complex energy supply products became available, driven by supplier and consultancy innovation to meet changing client needs. BEO were proactively involved in this advancement and developed a number of hedging strategies to help clients manage and control their energy spend more effectively.
As part of this innovation, BEO developed an in house system to analyse flexible energy supply agreements to allow the client to navigate effectively through the vast array of products on the market. The ultimate aim was to enable the client to make the most informed decision possible based on their own appetite for risk and need for budget stability.
Up until this point, the commodity cost had been the dominant element of an energy bill but regulation and legislation meant that this dynamic was changing. Non commodity costs such as taxes and network infrastructure charges were increasing and as such becoming a more prominent element of a client’s energy cost base. The only real way to mitigate against increasing energy costs was therefore either not to use energy at all or to generate it yourself. It was for this reason that BEO developed an in house technology services division focusing on energy efficiency measures and on site generation opportunities.
By this point the business had moved away from the online SME brokerage model and had evolved into a diversified energy consultancy. As such, the BEO name was no longer fit for purpose and the business decided to rebrand and became Beond Group in 2015. The Beond name represents a desire to continue to innovate whilst still acknowledging the past by retaining the BEO in the name. Beond has a proud history of growth, innovation and adding value and will endeavor to do the same for many more years to come.