An energy company which promises to give back 75 per cent of profits to its customers has been proposed by a couple in Scotland who say they are fed up with the Big Six energy firms treating people with contempt.
The couple from East Lothian have set up a crowdfunding page to create the energy firm, Our Energy, which has a funding target of £450,000.
The campaign states that if successful, the energy firm will be completely transparent and will be part owned by shareholders within three years.
‘People in the UK have quite rightly lost trust in their energy suppliers. Why should we all pay higher prices just to line a shareholder’s pocket?’ asks David Pike who along with Karin Sode are behind the funding campaign.
‘We want to bring democracy and transparency to the UK’s energy market. Our customers will enjoy the profits and after three years will own the company. They will never have to switch supplier again, as they’ll own the company and have complete trust in its practices,’ he adds.
In response Ofgem told us: ‘Independent suppliers have injected more competition into the market, which means lower prices and better customer service for consumers. Applicants have to go through a rigorous process to secure a supply licence. We carry out a number of checks before issuing a licence.
‘There are further checks and requirements under the industry codes that must be met before a company can enter the market.
‘In the event a supplier does go bust, we have introduced a safety net to make sure that customers have a continuous supply of energy and to protect their credit balances.
It appears that the Scottish Parliament are backing this but on my checking it would only maybe reduce prices by 10%.
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