Ethical energy supplier Co-operative Energy has reached 100,000 customers less than two years after entering the energy market.
Over one thousand customers are now joining every day and the business, which is based in Warwick and part of the Midcounties Co-operative, now employs a team of 80 staff. The business is on target to break even in its second financial year.
Reaching the 100,000 customer milestone means that Co-operative Energy is mounting a serious challenge to the Big 6 energy suppliers. At launch in May 2011, Co-operative Energy promised to tackle the dominance of the Big 6 suppliers on issues of trust and transparency by offering a simple tariff and fairer pricing.
In December, Co-operative Energy bucked the market by reducing its electricity prices by 2 per cent. This fulfilled Co-operative Energy’s pledge to provide customers with consistently competitive prices and to pass on to customers savings in wholesale energy prices. The price cut established Co-operative Energy, which was the only supplier to freeze prices for the whole winter, as being £104 cheaper than the average Big 6 standard tariff for online direct debit and £198 cheaper for offline quarterly credit.
Ben Reid OBE, Chief Executive of The Midcounties Co-operative said: “Reaching this key milestone in less than two years is a great achievement. The progress made by Co-operative Energy in such a fiercely competitive market has been nothing short of astonishing. We continue to grow at a rapid rate as consumers look for a genuine alternative to the Big 6. I am pleased that Midcounties has created one of the new pillars of the co-operative economy, extending the trusted co-operative brand to a hundred thousand more homes in the UK.”