Energy suppliers First Utility venture into Scottish market - 28/09/2010
Independent energy suppliers First Utility have announced plans to venture into the Scottish market.
The announcement comes after First Utility signed a deal with financial services company Morgan Stanley, which will see the company's US-based affiliate Morgan Stanley Capital Group take a 9.99 per cent shareholding in First Utility.
First Utility said the move would benefit UK consumers as it would allow the energy company to strengthen its position as a serious contender to the big six energy suppliers which dominate the UK market.
It will also give consumers looking to switch energy providers a bigger pool to choose from.
Darren Braham, chief financial officer at First Utility, told Smart Meters: "With Morgan Stanley on board, we are in a better position than ever before to give customers a real alternative.
"It effectively means that we have far better access to wholesale energy and can buy it on a far more flexible basis."
Jonathan Smith, UK power originator at Morgan Stanley, added that the agreement represents a solution to the challenge that independent energy suppliers such as First Utility face in the UK gas and power markets.
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