10,000 move to new energy firm

Democratic energy company People’s Energy has recruited morethan10,000customersin its first year of trading.

The Musselburgh-based supplier, which celebrates its first anniversary in August, said it is already exceeding expectations.

People’s Energy raised more than £500,000 through a crowdfunding campaign last year in an effort to take on the “Big Six” energy firms. Its unique selling point is its democratic process, which gives customers a vote on major decisions and obliges directors to openly share decisions, accounts, pay and energy costs.

According to research commissioned by the business this month, nearly two-thirds of the British population think companies have become greedier in the past ten years and 40 per cent said they were less honest.

David Pike, CEO and cofounder, said: “Our first year of trading has been better than we could ever have expected, and we’re delighted to be providing such a compelling alternative in the market.

“As a natural resource, we don’t believe our energy supplies should be making shareholders of UK PLCS richer, instead we believe in renewable, ethical supply and giving 75 per cent of profits back to our customers.

“More than 10,000 people have switched to us since we launched last year and the feedback has been fantastic.”