Bionic helps customers with blend and extend contract option
- Following a soft pilot with EDF, Bionic has successfully rolled out a contract extension solution to help customers extend their business energy contracts at a lower, affordable rate.
- EDF customers are being made aware of the ‘Blend and Extend’ option available to them with the ability to contact a team of Bionic’s specialist agents for further support.
September 11, 2023 – Bionic, the UK’s leading business essentials broker, has successfully rolled out a contract extension solution, known as ‘Blend & Extend’ to help customers extend their business energy contract at a lower, more affordable rate. The solution was first piloted within a small test group of 600 customers with EDF contracts in July. Following the pilot, the solution has now been rolled out to approximately 8,000 Bionic customers who signed EDF contracts on high rates in 2022.1
Many small businesses signed energy contracts between July and December 2022 at rates inflated due to turbulent market conditions. At the time of signing, nobody could predict that energy rates would fall to where they are today, and the only other alternative for businesses was to move onto even higher Standard Variable Tariffs (SVTs). This led to many business owners securing high unit rates that are no longer competitive due to the availability of lower offerings in today’s market. As advocates for micro and small businesses, Bionic has spent many months working with its panel of suppliers to find solutions for affected customers.
One of the most viable solutions involved customers committing to an extension of their business energy contract, at a rate between their higher contracted rate and the lower market rates available today. The solution, known as ‘Blend & Extend’, has now been made available to thousands of Bionic’s customers with EDF contracts. While the solution will not be appropriate for everyone, it can offer a useful way to reduce cash outlay immediately, if that is a priority. However, it may be better value overall to see out the current contract, and line up the next one at today's rates.
Bionic has informed EDF customers of the option via email and has made a specialist team of agents available for further support. Bionic is also working on solutions with others to help customers outside of EDF contracts.
Paul Galligan, Chief Executive Officer at Bionic commented: “The volatility of energy rates over the last two years has made choosing energy contracts a far more significant and consequential decision for small business owners. At Bionic, we are doing everything we can to help our customers make informed choices for their business and our new Blend & Extend solution is one of the ways we are providing this. We understand how stressful these challenges can be and we’re committed to making every effort to provide solutions for business owners in need.”
Notes to Editors
1 The rates on these contracts were approximately 20p per kWh of gas and 40p per kWh of electricity.
Bionic Energy is a leading energy comparison service dedicated to supporting small businesses and helping them navigate the complexities of energy contracts. With a focus on transparency and customer-centric solutions, we aim to empower microbusiness owners to secure the best energy deals that suit their unique needs.
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