Britain’s newest energy company, customer-focused People’s Energy, has received its Ofgem licence.
It is a significant milestone for the ethically-minded energy firm that will give customers 75 per cent of its profits, as the licence means People’s Energy is now legally able to enter the market and start registering customers to be supplied with gas and electricity.
Co-founders, David Pike and Karin Sode were so fed up with the Big Six energy firms and never-ending price hikes that they decided to offer British consumers something better. Replacing poor customer service and a lack of transparency with the chance to be part of an energy company with a difference.
People’s Energy wants to keep its customers year after year and will provide free shares to those that remain with the company. Consumers will also have a voice in shaping the company with representation on the board and salaries, decisions, accounts and prices will all be shared, meaning People’s Energy will be the first completely transparent and customer-focused energy company in the UK.
The initiative is being backed by a number of senior business people, including former chair of Gleneagles Hotel, Peter Lederer CBE and former CEO of the Clydesdale and Yorkshire Banks, John Wright.
David said: “The vision for People’s Energy is to have over one million customers, all of whom are in control of their gas and electricity and getting a percentage of the company’s profits back.
“Our company is about putting trust back into the market, currently there is very little. We want our customers to know that we have their best interests at heart and that with us they will have a say in how the company is run.”
Karin added: “Energy comes from natural resources that should belong to us all, not private entities. We are absolutely passionate about returning ownership of this natural resource to consumers.”
To date the duo has raised over £450,000 on crowdfunder from the pledges of 2000 supporters. People’s Energy will start providing energy from the beginning of August.