Virgin to sell energy online

Virgin and London Electricity have announced a joint-venture to sell energy via the internet, which they claim will bring lower prices for gas and electricity to households in the UK.

LONDON (Brand Republic) - Virgin and London Electricity have announced a joint-venture to sell energy via the internet, which they claim will bring lower prices for gas and electricity to households in the UK.

Virgin Energy, which launches tomorrow (July 4), will be 75% owned by Virgin. The funding of the project is yet to be confirmed.

Virgin chairman Richard Branson said, “For too long, customers have been supplied energy by faceless institutions at inflated prices. We took a look at all the waste and bureaucracy in this industry and knew we could provide a better service at a lower price.”

The deal is subject to regulatory clearance, but Virgin is already allowing customers to pre-register online.

It said London Electricity was the “ideal partner for the deal”, due to its experience in the utilities sector. The energy supplier has more than 3m gas and electricity customers in Britain.

The agreement leaves Virgin to handle marketing, while London Electricity will be responsible for the purchase and distribution of energy to customers.

The move is thought to be the starting point for Virgin’s plan to launch a business which would enable customers to book services including plumbing, painting and decorating via the internet.

Subscribe to Campaign from just £57 per quarter

Includes the weekly magazine and quarterly Campaign IQ, plus unrestricted online access.

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Share

1 Flexible working rules at Dentsu Aegis

Fancy working for a company that cares about your work/life balance and focuses on your performance rather than the time spent at your desk?

The top 10 brands favoured by Remainers and Brexiters
Shares0
Share

1 The top 10 brands favoured by Remainers and Brexiters

Marketers can learn about our divided nation by examining the brands that appeal across the voting referendum voting split, says Emily James, chief strategy officer at Rainey Kelly Campbell Roalfe/Y&R.

Just published