Fischer Energy joins UK retail market with renewable offer

16th January 2017 | Residential Energy

On Monday 16 January, Fischer Energy joins the 40-plus energy companies jostling for householders’ business. It will deliver its electricity directly from windfarms.
Fischer Energy hopes to sign up 40,000 customers in the first year to its single variable tariff. Its renewable power will be supplied by Denmark’s Dong Energy.

The new entrant arrives less than two months after the collapse of another small supplier, GB Energy UK. Experts have raised concerns that the retail energy market is approaching saturation point. They also question the wisdom of consumers signing up for a variable tariff at a time of rising wholesale prices.

Keith Bastian

Keith Bastian, Fischer’s Chief Executive, said he had been motivated to start the company because of the inequality of multiple tariffs. Offering a single tariff will reduce confusion. “That will in effect put the customers first,” he said. “They can buy the energy knowing it’ll be a fair price. It won’t be the cheapest, we can’t guarantee that, but it will be fair.”

The supplier is a family-based business based in Leicester. It is not going to risk GB Energy’s fate by “Going down the road of a race to the bottom” on price, said Bastian. He added that while the company would on comparison sites, it would not pay commissions to them.

The company, which has around 25 employees, is also going up against some long-standing green energy suppliers, such as Good Energy and Ecotricity, with its pledge to supply 100% renewable electricity. “Green is the only way forward. Burning carbon fuels is not the solution,” Bastian said.

It is not yet clear whether Fischer will stand out against the Big Six and a crowded landscape of smaller players.

“They’ve talked about it being a unique offering with one tariff that’s fair for all. Well there are a number of suppliers doing that. You take Bulb, they have one tariff and renewable electricity. I know Octopus are out there, they have one tariff,” said Stephen Murray, an energy expert at Moneysupermarket.

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