Co-operative Energy votes to share profits with customers

 

While the Big Six energy firms face growing accusations of profiteering at the expense of vulnerable families, a 12-month-old ethical supplier is sharing profits with its customers.

Co-operative Energy voted on Saturday to hand back 1.5 per cent of gas and electricity bills to its 25,000 customers, sharing a total of £105,000.

Nigel Mason of the Co-op said: “The profit share is at the heart of the co-operative movement – we’re owned by our customers so when we do well, everyone shares in the profit. “

Customers will be told the amount they will receive over the next few weeks. The payment is one of two dividend payouts Co-op Energy customers receive every year as shareholders of the energy supplier.

“There are no greedy investors helping themselves to our profits,” pointed out Mr Mason. “We are all in this together, working hard to control the amount people have to spend on energy to light and heat their homes.”

The profit share was decided by members at the AGM of the Mid Counties Co-operative, the co-op behind the energy business. The Co-operative Energy’s share of the profit distribution is based on the energy supplier’s turnover of £7.2m in its first year of business.

The payout comes a few days after the supplier won the Which? Big Switch auction, that saw more than 280,000 people join forces to bid for reduced energy prices in the UK’s first large-scale collective buying scheme.

The Co-op will offer its winning deal to the first 30,000 to apply under the scheme. People who signed up have until 28 May to complete the switch.

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