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Power Efficiency has unveiled The Arts Basket, a new service that will evaluate energy usage at the Royal Opera House, the National Theatre and the Royal Albert Hall.

As part of the agreement, a fixed charge for the distribution and transmission of electricity will be announced, while energy will constantly be monitored by The Arts Basket in order to guarantee that their partners' deals are competitive.

Carrie Simpson, account manager at Power Efficiency, said: "The flex contract enables our customers to have access to the wholesale market, which is not available on standard 'fixed price' contracts."

Ms Simpson went on to say that a high level of supplier interest will be generated because of the reputable firms involved in the scheme.

As well as theatre venues, energy efficiency is also a concern for homeowners, after a study by M&S Home Insurance found that nearly half (49 per cent) of residents are more worried about the issue than they were in 2011.