What is water deregulation?
In 2017, the UK government created the largest competitive water market in the world, with over 1.2 million business customers free to choose their water supplier for the first time. A deregulated water market can help deliver lower bills by letting business openers shop around for their supplier.
The opportunity to shop around for your water supply has gained increased importance over recent months. The recent energy crisis has left many businesses feeling helpless. Since January, the price of gas has risen by 550%. The absence of an energy price cap for businesses has left many feeling helpless. With the increase in business utility bills showing no sign of waning, shopping around for your water supply is an excellent way of regaining a sense of control over your bills.
How does the market work?
The water market works just like other deregulated markets such as telecoms, electricity, and gas.
Businesses can buy wholesale services such as the purchasing of a water supply or the removal of wastewater.
How can water deregulation benefit your business?
Deregulation brings about a number of potential benefits for your business such as:
- Allowing customers to shop around and find tailored packages
- Permitting businesses to renegotiate their contracts and find better value for money
- Encouraging wholesalers to improve their customer service
In the first two years alone, 24% of SMEs switched suppliers. The continued energy crisis has forced businesses to look for other ways to save money. The deregulated water market offers one such opportunity to save money on utility expenditure.
Considering your water contracts and shopping around for a new supplier to reduce your water expenditure and potentially recuperate some of the costs of the ongoing gas crisis could help you save a substantial amount of money.
The difficulties of water deregulation.
Although there are a number of benefits to the deregulated market, deregulation has also opened up the market to a vast number of suppliers vying for your attention. Finding the best supplier and package that considers all your business needs has become increasingly difficult.
Shopping around and making comparisons can be difficult for customers because
- Unlike gas utility suppliers, billing formats vary between suppliers.
- Difficult billing formats increases the chance that billing mistakes may go unnoticed by customers
- Differing billing formats makes comparing packages between suppliers more difficult
Knowing how to navigate the market and different suppliers is paramount to avoid suffering additional costs.
How Reduce My Costs can help.
Our industry specialists will conduct a free water audit to understand your consumption and expenditure before sourcing several different commercial water packages to help you save money.
We believe that business waste solutions should be simple and stress-free. If you’re ready to take the next step, then get in touch for a free consultation and start your journey to making savings today.
