The Water Retail Market Benefits and pitfalls of switching supplier James Goodall - Account Director
The Water Market Aims of deregulation Generate a more customer-centric market: Increased choice Better levels of service Innovation - drives sustainable approaches to managing water “A vibrant business retail water market that delivers good outcomes for customers, saving them money, water and time”
State of the market report Ofwat State of the market report While many customers have benefited smaller customers in particular have found it difficult or have not seen it as worthwhile to engage in the market.
Annual Market Review with Market Audit (by PWC) MOSL Annual Market Review with Market Audit (by PWC) Small businesses are starting to engage with the market, but many have yet to do so for a variety of reasons, including lack of awareness of what is on offer. Enabling the market to work better will encourage retailers to reach out to these customers to help them understand the market and the opportunities it can provide.
Consumer Council for Water Customer complaints
Consumer Council for Water SME engagement
Retailers Choice https://www.open-water.org.uk/for-customers/find-a-retailer/suppliers/english-water-and-wastewater-retailers/
But do you need to switch to benefit? Engage with the market Potential benefits You can dictate terms, approach retailers as any other supplier: Price reductions Extended payment terms (typically 30 days+) Defined actual meter read frequency – better consumption data One monthly bill and one monthly payment (multi-site customers) Additional services But do you need to switch to benefit?
Consumer Council for Water Complaints to retailers per 10k SPID’s
Engage with the market Pitfalls of switching It’s a new supplier Switching can be slow, incomplete, erroneous CMOS data is not 100% accurate, beware of: New or missing charges High estimation of consumption Erroneous transfer reads Negotiated contracts – read the small print Early-termination penalty clauses Long term tie-ins