Company now has longest price stability in the industry
Ecotricity, Britain’s leading green energy company today extended its energy price freeze for all customers until October 1st – meaning the company will have frozen its prices for a total of 21 months, giving it the longest period of price stability in the energy industry.
Ecotricity, who have not increased prices since January 2013, had previously announced a price freeze from the end of last summer until the end of the winter.
The company cites two principal causes for the freeze: greater energy independence after a good year for wind in 2013, and improved economies of scale after passing 100,000 customers.
Ecotricity generates around 40% of the green electricity it supplies from its own wind and solar parks, and after a record year for wind power in 2013 the company is keen to share the benefits of that record generation with its customers.
The company has grown customer numbers by 50% in just 6 months and only this week passed the 100,000 mark, the first green energy company to reach that milestone The significant increase has given the company greater ability to absorb cost increases and maintain stable prices.
Dale Vince, Ecotricity founder, said:
This price freeze is about sharing our success with our customers. We had a great year for wind energy in 2013, and a big increase in people switching to us from the Big Six – and because of our unique not-for-dividend model, we can ensure it’s our customers who benefit, not shareholders.
Generating about 40% of our energy through our own wind and solar parks gives us a greater degree of price stability and protection from a fluctuating energy market – it’s a model that works for us, it works for our customers, and it’s a model that would work for the country too. Recent events in Ukraine show the importance of energy independence in Britain – the price of wind does not go up and it’s not affected by external events.
Ecotricity, who were the first green energy company in the world, has just one simple tariff for green electricity and green gas, and all customers are on the latest best price, regardless of how they pay, whether it’s direct debit, cash or prepayment meter– this latest price freeze applies to all new and existing customers.
Dale Vince continued: “People are bored with the tactics of the Big Six, and the independent suppliers who mimic them too. At Ecotricity we offer green energy, unrivalled customer service, and price stability that’s comparable to a fixed tariff, but without any strings – no exit fees, no penalties, and the best price for everyone, regardless of when they joined or how they choose to pay.
“The more people that join us the more we’ll be able to invest in new sources of green energy – which in itself further protects our customers from price rises. It’s a virtuous circle, and it’s people power in action.”
The Gloucestershire based firm has also created 65 new jobs since December – mainly in customer services– as record numbers of households switch their electricity and gas supply away from the Big Six energy companies. Ecotricity was also awarded 1st place in the recent Which? Consumer Satisfaction Survey.
Ecotricity’s average dual fuel bill is £1,232 (for 3,200 kWh of electricity and 13,500 kWh of gas) – but again, unlike other energy suppliers this is available to all customers, regardless of how they pay, whether it’s direct debit, cash or prepayment meter, with no exit fees or penalties.