UK-based Open Energy Market forays into water market

Open Energy Market, a UK based firm with an online trading platform to streamline the complicated procurement process and aid medium-large enterprises in managing energy contracts, has forayed into water market.

The move is made after the success of the company’s online trading platform.

The Open Water Market has been designed to offer transparency in the procurement process. This will help water buyers to differentiate the best deal.

Additionally, it will improve the management and forecasting process by allowing storage of data at one place for clients.

In April 2017, the country’s water market was deregulated. Over 1.2 million businesses across England and Wales have become eligible to decide who provides their retail water services.

This has enabled firms to seek out the most relevant package as per their needs, renegotiate or change providers in case their requirements change or they become dissatisfied with the delivered service.

According to Ofwat, the water services regulation authority, around 10% of customers benefited from the new opportunities by either changing or renegotiating.

Further, opportunity has been thrown open for TPIs, with more brokers and consultants now providing water products and services in their drive to connect retailers with customers.

The worth of global water and wastewater treatment market is expected to be worth $674.72bn by 2025, which in turn will increase the pressure on firms to deliver improved and efficient services. The opening up of the UK market has boosted competition and innovation. Improved billing and streamlined administration processes are some examples how customers would stand to benefit.

Open Water Market water services head Graham Mann said: “Since the water market deregulation in April 2017, overall customer water retail market participation has been slow.

“There are a number of reasons for this, but two major points to note are that firstly, many businesses and organizations are simply unaware they can, in fact, switch water supplier, and secondly, there is a customer-wide perception that the savings often do not warrant the effort involved.

“The reality is often quite the reverse with savings achievable of between 6 and 24 per cent simply being made by switching water supplier, that is, before the application of a water management strategy. There are more savings to be made going forwards, with water audits delivering further savings on average of 20 to 30 per cent, and potential refunds due to an historical water company overcharging with values of between £5,000 and £150,000 on single and multi-site client portfolios.”