UK-based Open Energy Market makes waves in water
Open Energy Market, a UK based company with an online trading platform to streamline the procurement process and help medium-to-large enterprises in managing energy contracts, has entered the water market with a new platform Open Water Market.
The value of the global water and wastewater treatment market is expected to reach $674.72bn by 2025, which will increase pressure on companies to deliver improved and more efficient services. Open Water Market has been designed to offer transparency in the procurement process, and to improve the management and forecasting process by allowing storage of data in one place. Improved billing and streamlined administration processes are just two examples of how customers could benefit from using the new platform.
Open Water Market water services head Graham Mann said: “Since the water market deregulation [in the UK] in April 2017, overall customer water retail market participation has been slow. There are a number of reasons for this, but two major points to note are that firstly, many businesses and organizations are simply unaware they can, in fact, switch water supplier, and secondly, there is a customer-wide perception that the savings often do not warrant the effort involved. The reality is often quite the reverse with savings achievable of between 6 and 24 per cent simply being made by switching water supplier, that is, before the application of a water management strategy. There are more savings to be made going forwards, with water audits delivering further savings on average of 20 to 30 per cent, and potential refunds due to an historical water company overcharging with values of between £5,000 and £150,000 on single and multi-site client portfolios.”