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New energy suppliers to break the mould?

Last updated on 11/05/2016
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Three new energy suppliers are set to make their presence felt over the next few months.

Belfast based Open Electric has already declared its hand. It is building its appeal partly on a willingness to share its profits with consumers

Managing Director Marc Norris said: “ We want our customers to share in our success and we promise to reward them for their loyalty with a credit payback scheme.  

“We also promise to financially support charity and community initiatives for the benefit of all and we invite our new customers to choose who should benefit most.”

The company has indicated it will provide a one rate service from next month. So far it hasn’t said what that price will be.

Up in Derry, former Budget Energy executive, Damian Wilson is also planning to launch his electricity supply business. It’s not yet clear what his pitch will be.

But perhaps the most intriguing launch is happening not here but in Scotland. 

The UK’s first not for profit energy supply company has just been unveiled.

Our Power is backed with £2.5 million from the Scottish Government and a further £1 million from Social Investment Scotland.

Founded by 35 housing associations and local authorities, it will enter the market towards the end of this year, directing its offering to housing tenants.

The company expects to save its customers ten per cent of their gas and electricity costs.

Our Power also intends to develop renewable energy products to benefit local communities.

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