6 June 2017
The UK's leading not-for-profit energy broker says the benefit to businesses would be huge and that regulation inspires innovation not stagnation.
Utility Aid, is calling for the immediate regulation of the energy industry. The company, which primarily works in the not-for-profit sector of the economy, believes that its industry can be a lottery for many organisations whose very existence depends on being as efficient as possible. Utility Aid has been lobbying suppliers - including a number of the Big Six - to operate in a de facto regulatory manner, until actual regulation is in place.
Giles Hankinson, CEO of Utility Aid, is clear on the direction his industry needs to take. He commented: "The topic of regulation is something I'm incredibly passionate about, but I'm equally frustrated. Right now, how much a business, or organisation pays for their utilities is a gamble. A quarter of a century of deregulation has, frankly, left us in a pretty poor state. Utility Aid primarily works in the not-for-profit sector, and I see every day what getting the very best deal means for these organisations. Every single penny they save is reinvested into their front-line services, where they are often supporting people in our society that need it most." Utility Aid is certain that proper and meaningful regulation will level the playing field for everyone, allowing businesses and organisations to feel more comfortable with the products and services they are being offered.
Utility Aid warns: lack of regulation allows complete freedom and behaviour with no legal recourse, for those suppliers or energy brokers, not acting in the best interest of their clients. The company believes that in a well-regulated market, innovation is even more important, promoting genuine competition and ultimately benefiting customers.
Hankinson added: "Perhaps unsurprisingly the big energy companies and those unscrupulous energy brokers are, in our opinion, opposing regulation, as they are more concerned with maximising profits. Yet regulation would unquestionably bring financial benefit and legal protection, to tens of thousands of businesses and organisations, and that's something we believe is worth fighting for."
Post General Election and the appointment of the new Energy Minister, Utility Aid plan to lobby Government on the issue of regulation in the energy industry.
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