The Big Splash – Update
As you are aware, on the 1st of April the world’s largest competitive water market opened in England, with around 1.2 million businesses, charities and public sector organisations now eligible to switch retailer.
Over 5 years since Defra first proposed non-household retail competition in England in a white paper, eligible customers are now able to choose from over 20 licensed companies to provide an improved service including billing, metering, account management and efficiency advice.
The desired effect of the open market will see customers saving money and water through lower bills and increased water efficiency. Since the water market opened in Scotland, almost 40{8337d4303a09a19b714f0f7e5edde1e66b90d7dd86bb503543707696d9987b08} of the market has switched over the last 3 years, with the Scottish Government making savings of approximately £40 million.
Concluding the first week of the newly competitive water market, Market Operator Services Ltd (MOSL) have revealed that thousands have already engaged with the market and nearly 9,000 premises have switched retailer.
Cathryn Ross, Ofwat’s Chief Executive said:
“This is a really encouraging start – less than a week in and already we are seeing thousands of customers diving into the new water market. From multi-nationals to micro-businesses – customers are finding the deals that are right for them and they have the confidence to enter the market knowing there is a strong oversight and effective protections in place.”