First Utility aims to keep bills down by signing energy-buying deal with Shell
Better energy price offerings and enhanced customer support are some of the few available solutions smaller energy suppliers can use against the Big Six group, and for this reason, First Utility has decided to sign an energy-buying deal with Shell that it hopes will deliver cheaper bills, a media news report has revealed.
First Utility supplies gas and electricity to 300,000 residential and business customers in the UK. By partnering with Shell and using it as an intermediary to get better prices when buying wholesale energy on the global market, the company hopes to achieve some significant savings and pass them on to customers.
As part of this deal, Shell will receive an equity stake in First Utility, with trading under the new contract set to begin next week.
First Utility has doubled its customer number so far this year as customers switch away from the Big Six but said the new Shell deal would enable it to “accelerate growth, support the development of new, competitive, and attractive product offerings for customers”.
Ian McCaig, chief executive of First Utility, said: “This is a significant milestone in First Utility’s journey. Our agreement with Shell provides us with the ideal strategic partner to support our growth and underpin our proposition to offer customers competitive rates in the market.
“Shell’s experience with independent providers in North America and Europe demonstrates the exciting potential that this deal brings.”
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