The first week of the competitive Market opening saw 8,876 premises switch water retailers; this came on the heels of the around 7,500 customers that chose to pre-switch before market opening, according to figures released on 7th April by Market Operator Services Limited (MOSL), the operator that ensures the market runs efficiently and effectively on behalf of the water companies that trade in it.
Competition was introduced following the Water Act 2014. This was done in an effort to ensure the driving of future efficiencies in the sector, the improvement of services such as water efficiency measures, as well as reducing customers’ bills.
The programme may not be the first in the world, but is thought to be the largest transformational change to the sector since its privatisation in 1989. It has created the largest competitive water market in the world, and consists of 20 water retailers competing for business.
Apart from the thousands who have already switched water retailers, there are also many customers from multi-national corporations to local authorities and charities who have reportedly already contacted their current water retailer to discuss their current services or in an attempt to negotiate better deals for themselves, according to MOSL.
Ofwat chief executive Cathryn Ross 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 strong oversight and effective protections in place.”
It seems that the old adage that competition is good for the customer rings true – if water retailers want to keep their existing customers or sign up new ones they had better ensure that they can offer the best deals and that their service is top notch too!
Get office water coolers and bottled water coolers from Living-Water.
The post First Week of Retail Market Sees Thousands of Businesses Switch appeared first on Living-Water.
