5 Benefits of Water Deregulation
On 1st April 2017, after years of speculation, the non-household water market was deregulated in England following a similar deregulation in Scotland in 2008.
What is the water market deregulation?
The recent water market deregulation means that 1.2 million eligible businesses in England can now shop around and choose their water retailer. Water is sold by a number of retailers, similar to other utilities such as gas and electricity, and now businesses have a choice of who they use. The water market deregulation is said to have a number of benefits for businesses who choose to switch providers.
What are the benefits?
Freedom to choose
One of the main benefits of water market deregulation is that it allows businesses to shop around for the best deal based on their individual water consumption and business needs. This means that you only pay the price you want, not what you’re tied to.
Better customer service
Now that every water retailer is competing for business, it means that you should also see an improvement in customer service. Customer service goes a long way to ensuring customer satisfaction, loyalty and brand recommendation and now, more than ever, it’s pivotal for us get it right.
Only one supplier
Multi-site businesses will see a big difference now that the water market is deregulated, as it means all sites can use the same water retailer. This streamlines suppliers and services, and means less work for you!
Benefits to you, and the UK economy
As well as the savings that switching your water provider could bring, according to the Department for Environment and Rural Affairs, the change could also deliver £200million in benefits to customers and the UK economy. OFWAT has also published figures that suggests that opening the water market could be worth £2.9billion over the next 30 years.
The environment will also benefit from the water market deregulation as businesses will begin to use water more efficiently. Your water retailer will work with your business to understand your needs and make sure that you are using water as efficiently as possible, which will have a knock on effect on the environment.
In addition to this, cuts to water usage due to more efficient use will reduce carbon emissions. The water market deregulation will also mean that more money can be invested into innovative and better use of technology, all of which will have an effect on the environment.
Evidence from Scotland
Since the 2008 water market deregulation in Scotland, there have been some very promising results that bode well for the recent changes in England. According to Utility Helpline, there had been more than £35million in water efficiency savings, a 26% rise in customer satisfaction and £30million of discounts available to customers. This saved public sector customers more than £20million in three years.
While the water market deregulation in England is still in it’s very early stages, we are hopeful that the results shown in Scotland will be mirrored and similar benefits will emerge from the change.
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