In response to the consultation, the Association of Convenience Stores (ACS) has emphasized the need for stricter regulation of energy suppliers. The ACS believes that energy suppliers should be required to offer clearer information regarding billing, payment options, data transparency, contract terms, and termination.
Of particular interest to the ACS is a proposal to grant industry regulator, Ofgem, the authority to address exploitative practices within the energy industry using its full range of powers. The ACS fully supports this proposal.
Additionally, the ACS calls for increased assistance for vulnerable businesses burdened with high energy bills. Particularly, the ACS suggests allowing businesses that signed fixed contracts during peak wholesale energy costs to “blend and extend” their contracts, reflecting the current wholesale price. The ACS estimates that 6,900 independently owned convenience stores are currently stuck in excessive fixed contracts, putting their businesses at risk.
Furthermore, the ACS urges the government to provide extra support to enable businesses to invest in cleaner energy sources. This investment will not only help businesses reduce energy costs but also empower them to contribute to the net-zero transition.
James Lowman, the CEO of ACS, emphasizes the challenges faced by convenience retailers in these difficult times. Rising costs and mounting pressures make it increasingly difficult for retailers to continue trading and provide vital services to their communities.
In conclusion, the ACS urges the government to take action on these key issues to support businesses and ensure a fairer and more transparent energy market. By addressing the concerns raised, the government can help retailers cut costs and facilitate their ongoing participation in the net-zero transition.