People's Energy
 | |
| Company type | Energy supplier |
|---|---|
| Industry | Utilities |
| Founded | 2017 |
| Founders | David Pike, Karin Sode |
| Defunct | 14 September 2021 |
| Headquarters | Shawfair, Scotland |
Area served | United Kingdom |
| Website | www |
People's Energy was an energy supplier based in Shawfair, Scotland, which operated from 2017 until 2021.
History
Co-founders David Pike and Karin Sode launched a crowdfunding campaign in 2017 to launch the company with the promise of returning 75% of profits back to customers. On 31 July 2017, the company successfully raised £487,815 from 2,059 supporters in 199 days. The company received their Ofgem licence and launched in August 2017.[1][2]
People's Energy Community Interest Company is the parent company of The People's Energy Company Limited, which owns People's Energy (Supply) Limited.
On the 14 September 2021, it was announced that the company would cease trading with immediate effect.
20+ other UK energy companies also ceased trading in 2021), including:- PFP Energy, Utility Point, Green Supplier Limited, Avro Energy, Enstroga, Igloo Energy, Symbio Energy, Colorado Energy, Pure Planet, Daligas, Bluegreen Energy, Ampoweruk Ltd, Omni Energy Ltd, Zebra Power, CNG Energy, Neon Reef, Bulb Energy (entered special administration), Entice Energy, Orbit Energy & Zog Energy.
These companies ceased trading due to skyrocketing wholesale gas and electricity prices. The above suppliers ceased trading in 2021 mainly because of :-
1. Unprecedented surge in wholesale gas and electricity prices. Global gas and power prices rose dramatically in 2021 due to post-COVID demand recovery, low storage levels in Europe, reduced Russian supply, and weather effects.
2. Energy price cap prevented passing on costs. The retail price cap, set by the regulator limited how much suppliers could charge households. While wholesale costs rose rapidly, the cap was updated only periodically. This meant suppliers were selling energy at a loss for months.
Customer numbers
People's Energy supplied around 350,000 customers.
Energy mix
People's Energy offered 100% renewable electricity.
References
- ^ Boyd, Olivia (1 September 2017). "Meet the UK energy company that will give profits back to customers". The Guardian.
- ^ "Couple set up own power company". BBC News. 10 May 2017.