A new study by water market regulator OFWAT points to rising participation and awareness in England’s new retail water market, which completed its first year in operation on 1 April 2018.
In the biggest survey of eligible customers conducted since the market opened last year, findings suggest that more than ‘120,000 non-domestic customers – ten per cent of all of those who are eligible – will have engaged in some way in the new business retail market during its first year’.
The research conducted at the end of 2017 implies that:
• 35,000 customers have switched
• 25,000 looked at switching but decided to stay on their current deal
• 10,000 renegotiated a new deal with their current provider
• 15,000 are actively considering switching
• 35,000 said they planned to engage in the market by April 2018
Findings also show that awareness of the market has increased, with 89 per cent of large businesses and 48 per cent of micro businesses now ‘being aware of the market’ compared to awareness levels of 79 per cent (large businesses) and 32 per cent (micro-businesses) prior to the market opening.
The survey comes as a welcome bit of positive news for the water market on its first anniversary after a slow opening year in terms of customer participation.
Latest statistics in February 2018 showed that just 3.8% of eligible supply points had switched water retailer so far, with a general lack of awareness amongst SMEs blamed for the poor conversion rate.
Is it time your business benefited from the open water market?
Though the retail water market has endured a rocky start, the golden opportunity to make savings on your water bills thanks to the introduction of competition remains there for the taking.
Indeed businesses that have already taken advantage of the open water market by agreeing to improved contractual terms – either through negotiating with their current supplier or by going to a competitor – are now broadly enjoying the benefits of lower bills and better conditions as a result.
Just as we do for our many satisfied customers in reducing energy price risk, we can help you choose the best water supplier and most suitable contract based on your business’ individual requirements, guiding you through the process from start to finish.
After undertaking a competitive tender and full analysis of supplier offerings, we provide you with a full overview and completely impartial advice, while our bill validation team provide you with the added confidence that once you are on your new contract, you’ll only pay for what exactly what you should be.
Talk to one of our experts!
To find out more about our procurement and bureau services, contact us today on 02920 739 599 or email us and we’ll get back to you.