Have we lost trust in our energy sector?
Over the last couple of years, consumer trust in the gas and electricity industry has dropped significantly. This erosion of trust is primarily based on rising bills, particularly when record profit announcements are made by the big oil and gas producers. When headlines announcing that companies like Shell are making profits of $11.5 billion are published alongside other headlines telling stories of pensioners dying alone in unheated homes, it is no wonder that questions are being asked - and so they should be!
The complexities of the energy supply chain have resulted in a lot of misery on the streets of the UK. The conflation between energy retailers and energy producers creates a confused narrative that is not necessarily the true picture. The retailing part of the entire supply chain is particularly volatile - which is why the UK lost 28 gas and electricity providers back in 2021, leading to 4 million customers being hoovered up into the larger companies. Overall, the erosion of trust is exacerbating the levels of anxiety in our communities.
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