How to take advantage of water deregulation
Back in April 2017, the Government deregulated the water market, allowing companies freedom in selecting their water supplier. This was one of the biggest shake-ups the water industry has seen. Your business is no longer tied into a water contract with the local supplier. Here’s our guide to water deregulation and how your business can make the most of it.
What do we mean by water deregulation?
Essentially, water deregulation refers to the water retail market opening up for business. Prior to April 2017, non household customers were tied into a water contract with their local supplier, similar to how you are with domestic contracts. Since then, the rules have changed. Non domestic customers no longer have to buy their water services from their regional monopoly. They now have the power to shop around and negotiate to find the best contracts and deals for their business. It’s estimated that over one million businesses, charities and public organisations can benefit from these changes.
What does water deregulation mean for businesses?
With the deregulation of business water contracts, there are many benefits. If your business can shop around for its water contract, it’s likely to lead to lower bills and better services. Suppliers are now competing for you to choose them. So, your business is likely to see lower rates as well as new offers and bundles from suppliers. Also, if you’re unhappy with the service you’re receiving you can switch, meaning that suppliers are more likely to improve their services.
How are businesses protected after water deregulation?
Even though there’s more freedom when it comes to finding the best water contract for you, there is still a regulating body in place. Ofwat will intervene in the market if they need to, ensuring that everything is fair. They’ve set out limits for how much customers will need to pay if they don’t switch or secure a new deal once their contract has ended, similar to how Ofgem has placed rules on out of contract rates in the energy market.
How to take advantage of water deregulation?
Renegotiate your deal
With the support from our team of experts, you’ll be in the best position to renegotiate your deals when your contract is about to come to an end. Open Water, the body the UK government set up to deliver the water market, estimates that the deregulation of the water market will deliver around £200 million of benefits to businesses and the UK economy. Renegotiating your deal towards the end of your contract is a great way to keep your water costs low.
Switch your supplier
If you’re paying higher for your water consumption than you should be, you can switch suppliers to find a deal that works better for your business. Our experts can look at your water consumption and use their market analysis to find your business a better deal.
Streamline the billing process
If you’ve got lots of sites up and down the country, it may have been difficult to manage water bills with different suppliers for each site. Now, with water deregulation, you can choose one supplier to cover every site. This is a great way of streamlining the billing process and get rid of the admin struggles that come with the different sites. You could choose the same supplier and just have one bill instead of multiple.
Take advantage of the customer service
We’ve all been stuck on hold for hours trying to ask a simple question. Now, if your supplier isn’t meeting your needs, you can switch. Because of this, suppliers are working harder to provide a better experience for their customers. Your supplier will want to keep you on board so may be more likely to offer better deals and offers for you. This is likely to lead to higher customer satisfaction too.
Need help switching your business water contract? Our experts are on hand to make the process smoother and ensure that you secure the best deal for your business. We’ll look at every aspect of your water consumption and use our market analysis to make sure you’re only signing contracts at the right time and price for your business. Get in touch today to find out more.
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