Former Yorkshire Bank CEO backs challenger energy company

A challenger energy company, People’s Energy, has moved ahead with the backing of business veterans including the former chief executive of Yorkshire Bank.

Britain’s newest energy company, it has received its Ofgem licence today, making it legally able to enter the market and start registering customers to be supplied with gas and electricity.

The company, which was founded by David Pike and Karin Sode after they became fed up with Big Six energy firm price hikes.

The pair have raised more than £450,000 via crowdfunding from 2,000 supporters, and secured the backing of former Yorkshire Bank chief executive John Wright and chairman of Gleneagles Hotels and director of Diageo Scotland Peter Lederer CBE

They said the company will give customers 75% of its profits. People’s Energy said it would provide free shares to customers that remain with the company, they will be given representation on the board and salaries, decisions, accounts and prices will all be shared.

Pike said: “The vision for People’s Energy is to have over 1m customers, all of whom are in control of their gas and electricity and getting a percentage of the company’s profits back.

“Our company is about putting trust back into the market, currently there is very little. We want our customers to know that we have their best interests at heart and that with us they will have a say in how the company is run.”

Sode added: “Energy comes from natural resources that should belong to us all, not private entities. We are absolutely passionate about returning ownership of this natural resource to consumers.”

People’s Energy will start providing energy from the beginning of August.