Half of business energy users think supplier pricing isn’t transparent enough.
That’s the conclusion of a survey carried out by PwC on behalf of Total Gas & Power (TGP). The study asked 114 I&C energy decision makers about their thoughts on the transparency and brand image of energy suppliers.
One of the staggering outcomes was that 44% of those interviewed had a flexible supply contract and 30% of that group didn’t know, or understand all of the pricing elements that go into what they are charged in their residual element. Additionally, 50% of this group did not think their residual pricing was transparent.
In the same survey, 28% of respondents said fluctuations in the cost of energy is their biggest challenge over the next 5 years.
Chris Billing, Director of Major Business at TGP said: “It’s clear that large UK businesses are concerned about energy prices going forward, however, energy buyers also need to fully understand what they are being charged for by their supplier. It’s time for suppliers to be transparent with their customers and come clean about what they are being invoiced for.
“There are a multitude of ways to save on energy uses and costs but energy buyers need to start with the basics and challenge their supplier to ensure they know what risk premiums they are being charged when, often, it isn’t clear.”
TGP scored highest against its competitors when it came to price transparency, tailoring solutions and developing long-term relationships. It also scored highest when it came to (gas) contract renewal.
Mr Billing added: ” We are extremely well known for our gas products but we were in 8th position when it came to TGP being top of mind for electricty. Given that we are renowned for our product flexibility and transparency, we need to ensure UK businesses understand that we offer this approach for our electricity products too.”