We’re a unique business
The Co-operative Energy is unique as we are the only supplier owned by our customers.
How does this work?
Customers of The Co-operative Energy can become members of The Midcounties Co-operative as can customers of every other Midcounties businesses. The profits that The Co-operative Energy makes are then combined with the profits from the other trading divisions of Midcounties, meaning all members get a share of the Midcounties' entire profits, not just from the energy business.
Sharing the profit
Our members decide what share of the profits is given to the members and what share is invested back into the business. They also decide what share is given to the local community.
How points are awarded
The share of profits that are returned to members is based on how many points they have accumulated as a customer. 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, depending on our profitability and prospects.
In addition to receiving a share of the profits our members also elect directors to the board of Midcounties. The directors are responsible for the general control and direction of the society. Broadly they ensure the Society’s affairs are conducted within the Co-operative values and principles, that effective management teams, systems and controls are in place, that costs are minimised and profits are maximised and determining the societies profit distribution. Profit is distributed in 3 main ways; shared with members, invested back in the business, given to local communities.
Our members are regularly given the opportunity to tell us what is important to them and we listen and act on their comments.
Becoming a member
When you are a customer of The Co-operative Energy you don't have to become a member of Midcounties but we think you’ll be missing out if you don’t.
Membership costs just £1 and in return you will receive points. Dependent on how much you have spent with the society Twice a Year we distribute a share of the profits based on how many points you have accumulated. You can use your profit share in one of four ways:
- Vouchers that can be redeemed in any of our stores in payment for goods.
- Crediting it to your energy account.
- Crediting it to your share account with Midcounties, where you will earn interest.
- Donating it to a charity nominated by Midcounties.
Because we feel it is so beneficial you will be encouraged to join as a member when you sign up to The Co-operative Energy. If you don’t then we may send you a reminder from time to time about the benefits of being a member (unless you instruct us not to).
To keep it simple you do not have to pay for your membership upfront. It will be deducted from your first Share of the Profits. If you choose, you can stop being a member at any time, so you will never be tied into any type of contract. For full terms and conditions click here.
When you do become a member, we will send you a membership card that you will need to collect points when you shop in Co-operative stores or online. Most Co-operative societies in the UK give points but there are still some smaller societies that operate outside the national points system.
We will keep a record of the points you’re accumulating which you can view online at any time. The amount of profit that is distributed depends on the business performance and the board’s view of future trading prospects.
To find out more about Membership or to join click here
Click here to download our ‘Everything you need to know about membership’ PDF.
Click here to get an instant energy price comparison.