Co-operative Energy is unique; we’re the only supplier owned by our customers.
How does this work? Customers of Co-operative Energy become members of The Midcounties Co-operative, alongside customers of Midcounties’ other businesses. The profits of Co-operative Energy are then pooled with the profits of the other trading divisions of Midcounties, meaning that members get a share of Midcounties’ entire profits, not just the energy business.
Sharing the profit
Our members decide what share of profits is returned to members, what share is invested in the local community and what share is reinvested in the business to fund future developments. This is how members decided to allocate profits in the previous financial year:
How points are awarded
The share of profits returned to members is divided up based on how many points they’ve accumulated as customers in the preceding accounting period. Points are awarded pro rata to money spent and for specific purposes, such as sending regular meter readings.
Members decide on the value of a point at our Annual General Meeting, depending on our profitability and prospects. For the previous two years, a point has been worth 1.5 pence.
Click here for a diagram explaining how points are awarded and when you receive your share of profits.
In addition to receiving a share of profits, members also elect directors to the board of Midcounties. The role of the directors is to ensure that:
- We make a profit
- We deliver high quality services to our members and customers
- We respect the environment and trade to the highest ethical standards
- We support our local communities
Our members have the opportunity to tell us what is important to them, and we listen to and act on their comments.
Becoming a member
You don’t have to become a member when you sign up for Co-operative Energy,
but we think you’ll be missing out if you don’t. Membership costs just £1 and
in return you’ll receive points, the cash value of which can be used in one
of four ways:
- Asking us for vouchers which can be redeemed in-store, for cash or goods
- Crediting them to your energy account
- Crediting them to your share account with Midcounties, where they will earn interest
- Donating them to one of Midcounties’ nominated charities
You’ll be encouraged to join as a member when you sign up to Co-operative Energy. If you don’t join straight away, we’ll remind you from time to time about the benefits of joining (unless you instruct us not to), because we really think it will benefit you.
To keep things simple, you don’t need to pay for membership upfront; it’s deducted from your first share of profits. You can stop being a member at any time, so don’t worry that you’re being tied into anything. We’ll send you a membership card which you’ll need if you want to accumulate points when you shop in co-operative stores or online. Most co-operative stores in the UK now give points, but there are still some smaller, independent societies who operate outside the national points system.
We’ll keep a record of the points you’re accumulating which you can view online at any time. The cash value of points is decided every six months, based on profits and the board’s view of future trading prospects.