Spark Energy has reported “a landmark deal” to benefit its customers and staff, despite ongoing investigations by the energy and data watchdogs.
The energy supplier, which employs 200 staff from its Ettrick Riverside HQ, trumpeted its deal to buy gas and electricity from wholesale trader Morgan Stanley Commodities, which it says will help the company grow.
Spark Energy managing director Chris Gauld said: “This allows us to compete with the ‘Big Six’ energy companies on a more level playing field.
“Buying our energy through Morgan Stanley Commodities will facilitate further investment into the business, such as the £1.4million spent on improving our customer service, and also provides increased stability against wholesale price fluctuations.”
Morgan Stanley executive director Olivia Hartridge added: “We are delighted to be teaming up with Spark Energy and helping the company to access wholesale energy markets on a collateral-free basis. This will enable the company to invest capital in the business for the benefit of its customers.”
Energy and data watchdogs Ofgem and the Information Commission Office are investigating allegations the firm impersonated its worst debtors to offload them onto the “Big Six” energy companies.