BES Utilities was not only the first supplier to announce a planned decrease in its prices last month, but is also the only supplier to review electricity prices as a matter of course every six months, to make sure customers always pay a fair and reasonable price. BES is also the only supplier to have so far announced an electricity price reduction.
The BES market tracker product ensures customers prices always reflect wholesale costs, meaning any reductions are ‘business as usual’, unlike many of its competitors, where price cuts appear to be made more as a result of market, media and government pressure.
Price reviews take place every six months, the next one being due in early April 2015, and based on the current wholesale market, the model behind the product is currently showing a 7% price decrease, which is exactly the reduction BES has seen in their respective overall costs.
Responding to the recent and almost apologetic reductions offered up by fellow suppliers, Director, Michelle Davidson, said:
“This product is exactly what the market requires and is, in our view, the only way customers can have confidence that they’re paying a fair price. We pass through our costs directly in line with how they vary. At point of sale the customer agrees a rate with us and then we will transparently show how that fluctuates throughout the lifetime of the contract, which includes responding quickly and putting prices down when the tracker highlights a reduction.
“We’re proud that our electricity prices have remained unchanged since April 2013 and the likely decrease in April will mean those who signed up two years ago will be paying significantly less.”
Andy Pilley, BES Managing Director, met recently with the Chancellor George Osborne at Downing Street and other senior politicians are now interested to learn more about how the market tracker product works for consumers.