A NEW study aimed at revolutionising the commercial energy market by giving UK businesses vital insights into the performance of key suppliers, has been unveiled.

Commissioned by Newcastle-based business energy services provider Troo, the Business Energy Supplier Index claims to be the first publication to rank business energy suppliers in the UK.

It aims to benchmark business energy supplier performance against others in the market, “challenging the most established companies and some significant new market entrants on their scale, financial stability, green energy and customer service credentials”.

Businesses can judge which energy suppliers are the most financially stable, which suppliers have the most customers, and which suppliers score highest on customer service, all in one place.

They can also use the data to reduce the cost of their energy bills, with current estimates indicating that firms are overpaying for their energy by between £500 million and £1.7 billion each year – often because they fail to shop around.

As well as helping businesses, the index will allow suppliers to benchmark their performance against their peers, and regulators to determine whether new policy is required to curb unfair price rises or generate more competition in the market.

Troo chief executive officer and founder, Andrew Richardson, CEO and founder of Troo, said: “Our index is the first comprehensive review of the UK business energy market.

“It uses robust methodology to help businesses and other interested parties understand how business energy suppliers perform across several key metrics so they can make truly informed choices about their business energy.”

“It’s clear that British businesses are spending far too much on energy every year. This is down to several reasons, including suppliers raising prices above competitive levels, the use of unregulated energy brokers and companies’ inertia which has resulted in them not switching to a cheaper supplier.

“The data in our inaugural index and subsequent Troo indices may encourage more businesses to shop around for better deals and foster greater competition in the commercial environment. It may also help to bring this market more in line with the domestic energy sector, where switching suppliers is becoming increasingly common.”

Tim Hipperson, an independent energy analyst at Hipperson Consulting, said: “Troo’s index is a highly useful reference guide for analysts, companies, suppliers and regulators and provides much-needed intelligence on the fast-evolving, highly competitive business energy market.

“Ofgem is about to introduce its Retail Energy Code (REC) to make it easier and quicker for businesses to switch supplier. With new market entrants coming in with disruptive models and technology, strong customer service credentials and compelling green energy offerings, there is more pressure on established players to invest in renewables and technology to compete.

“At a time of such change, it’s vital that we have additional visibility on supplier performance and Troo’s report provides this.”

For more information visit https://www.troocost.com