While energy providers’ prices soar, Utility Warehouse’s tariffs are comparatively low.
People across the UK have seen their bills go up because of the spike in gas and electricty prices, which came into force on October 1, 2021. The price rises follow the increasing demand for energy, which has triggered a huge jump in wholesale energy costs. As a result, the government regulator Ofgem has raised its price cap for the second time this year. Despite the energy crisis, the UK’s only genuine multiservice provider Utility Warehouse (UW) is able to offer some of the most competitive energy prices on the market.
UW, the ninth biggest independent energy supplier in the UK, can offer some of the lowest energy prices because of a deal between E.ON and its parent company Telecom Plus. In the past, this long-term agreement has meant that some energy suppliers have been able to undercut UW by taking a shorter-term approach. These suppliers have primarily focused on gaining market share. However, the rising wholesale prices have made it difficult for many of these suppliers to maintain their competitive energy pricing. This has left UW amongst the few energy providers that can take on new customers at the most competitive prices.
It’s no surprise that UW’s shares rose by over 10% when the multiservice provider reassured customers it was better insulated against the price hikes than most suppliers this autumn.
“We’ve been in business for 20 years,” says UW’s CEO Andrew Lindsay, who was a mergers and acquisitions banker for Goldman Sachs before he became the chief executive of Telecom Plus in 2010. “We’ve been patiently waiting for our opportunity.”
Lindsay explains that although the price climb has exposed the energy sector’s “systematic flaws”, he considers government intervention beyond temporary stop-gap measures unnecessary.
“Energy markets are cyclical,” he says. “We learned back in 2005 that you get wholesale price spikes. But everyone’s conveniently forgotten about that. The government is treading the right line here by not letting the incumbents muscle in and stifle competition, but equally not bailing out insolvent suppliers and prolonging the overdue and much-needed reset of unsustainable pricing practices.”
UW energy prices come in lower than many of its rival suppliers not only because of the agreement with E.ON, but also because the multiservice provider teams its energy service with great value broadband, mobile, and insurance services. UW has offered great value home services for 25 years, helping customers bundle their utilities into monthly packages. Plus, the bundles come with customer bonuses like 100% renewable electricity for Double Gold customers, a cashback card for those who take all services, and free smart meter upgrades for all energy customers.
UW helps people up and down the country save time and money on their utility bills with its award-winning home services. The more services customers take, the more money they save. Plus, keeping all their bills in one place means that if customers have any queries, they only ever need to contact one, UK-based customer service team.
Money and time savings aside, UW has also set up several initiatives to give back to society and support local communities. For starters, the company’s charity, the UW Foundation, works with Charities Trust to support environmental non-profits. The UW Foundation is currently working with Ocean Generation to tackle plastic pollution and spread the word about the dangers that plastic can cause in oceans, seas, and rivers. The UW Foundation matches every pound its Authorised Partners (independent distributors) and colleagues raise for Ocean Generation, doubling the company’s contribution.
The UW Foundation also supports underprivileged communities near the company’s offices in London, Bolton, and Bournemouth. ‘Get Your Hands Dirty’ campaign
Meanwhile, UW’s ‘Get Your Hands Dirty’ campaign has seen the FTSE 250 company give back to society through a range of additional initiatives. Aside from donating some of its annual profit to environmental and social causes, UW has:
· Tidied local streets, rivers, and beaches during the coronavirus crisis. You might have seen some of UW’s Partners at litter-picking events.
· Raised thousands of pounds for NHS Charities Together and Domestic Violence UK throughout the pandemic.
· Supported local community events for St Luke’s Hospice in Harrow, the Young Barnet Foundation, and Ashton Lodge.
‘Get Your Hands Dirty’ is a call to arms that asks people to join UW in making a real, tangible difference to society. UW and its Partners are keen not only to help customers save time and money on their utility bills, but also to improve environmental health and keep communities safe.
UW has won many awards for its home services and customer care over the years. In 2021, the company claimed two titles at the Uswitch Energy Awards: Best Incentives/Rewards and Best Meter Reading Services – and came fourth in the Best Supplier category. This is the fourth year in a row that UW has scooped Uswitch awards. (UW won the Best Energy Saving Support Award in 2020 and 2019 and the Best Customer Service Award in 2019.)
In 2020, UW’s parent company Telecom Plus won CFI.co’s Best Environmental, Social, and Corporate Governance Multi-Utility Provider Award. Meanwhile, Which? has recommended UW several times since 2011.
UW’s other accolades include 21 Moneywise awards, a five-star rating from Defaqto every year since 2017, and two new Moneyfacts five-star ratings for its home insurance in 2021.