New report demands greater transparency for business energy customers
Here at Love Energy Savings, we have always campaigned for greater regulation and transparency for business energy customers, especially when it comes to securing cheaper prices and being treated fairly by suppliers and third party intermediaries (TPIs).
Our in-depth report aims to clear up some of the myths that surround working with a TPI, while also providing actionable advice on what to look out for when seeking to work with a reputable comparison and switching service.
You may be wondering why we’re so keen to advocate the use of all trustworthy TPIs, not just ourselves? The truth is, we just want business customers to be treated fairly.
When a TPI behaves in a less than honourable manner it casts a shadow over the whole sector, often tarring other reputable comparison services with the same brush. This is unfair and it drives disengagement in the market; preventing businesses from exploring all the options available to them. This ultimately costs them money in savings they could have made had they worked with a trustworthy third party.
We don’t just want our customers to trust us, we want businesses to become more informed about the energy switching process and actively seek a cheaper deal. We firmly believe the best way to do this is by using a reputable TPI.
A good TPI will have favourable relationships with all the major suppliers, plus numerous independents, and will negotiate with them on your behalf to secure you the cheapest deal available.
With supply margins expected to be amongst the tightest on record in 2017, it is of paramount importance that businesses act when making sure they are on the best tariff for their electricity and gas. It is set to be a turbulent few months as the UK economy adapts to changing geo-political circumstances, making it vital for businesses to assess their expenditure and streamline costs wherever possible.
This report has been compiled to inform businesses on what to look for in a trustworthy TPI and the benefits that come with using one. It outlines examples of malpractice, so businesses know what to look out for; a sample Letter of Authority so you can go to a TPI prepared and know your rights and responsibilities; and it explains the TPI Code of Practice, a voluntary set of guidelines that any reputable TPI will be actively following.
Since the whitepaper was published we have received correspondance from The Department for Business, Energy & Industrial Strategy (BEIS) who acknowledged that;
"It is vital that we do all we can to help businesses to engage in the energy market to ensure their energy bills are as low as possible.
"High energy bills can hit hard and make the cost of running a business more expensive."
Furthermore, the BEIS have asked Love Energy Savings to:
"take the opportunity to feed-back it's views when Ofgem invite the industry to provide evidence/ comments as part of their assessment on the effectiveness of the CMA remedies."
You can find out more on the ongoing CMA investigation into the energy market by reading our guide here.
We would like to take this opportunity to thank the BEIS for responding to our calls for reform and we will be sure to add our voice to the debate and promote business energy customer interests when the time comes.
Table of Contents
- Greater transparency in the TPI sector
- What to look out for
- Why use a TPI?
- Letter of Authority (with Example)
- TPI Code of Practice
- Other costs
“This report looks to better highlight how some energy Third Party Intermediaries (TPIs), unfortunately capitalise on an unregulated market to generate huge profits, sometimes at the expense of their non-domestic customers. Similarly, it examines what Small and Medium Enterprises (SMEs) should look for and expect from reputable TPIs. This includes the significant benefits to businesses in terms of the savings they are able to secure, alongside the energy expertise they are able to offer. With Ofgem, the non-ministerial Government regulator for gas and electricity markets in the UK, recently announcing that they are halting work on implementing an official Code of Practice, at least for now, we aim to provide the best guidance possible for businesses to ensure that they are properly protected from the risk of falling foul of a dishonest TPI...”
To read the full report download it here.
We have also created this handy infographic to accompany the report, summarising our findings and conclusions.
At Love Energy Savings, we are committed to finding you an amazing deal on your business electricity and gas. We are compliant with the TPI Code of Practice and our Fair Price Guarantee gives you assurance that we will always offer you our best price, with no need for negotiation and no hidden costs.
If you are interested in a free, no obligation, impartial business energy comparison, simply call one of our energy experts on 0800 9888 375 or get in touch with our team today.