A “RADICAL” new energy firm aiming to challenge the “big six” will give 75 per cent of its profits back to customers, it is claimed.

Headed by former executives from Gleneagles Hotel and Clydesdale Bank, as well as consultants who worked with EDF and Scottish Power, Our Energy aims to “put profits and ownership into the hands of the customer”.

Peter Lederer, chair of Our Energy and ex-chair of Gleneagles, said: “It’s time to build an organisation that gives consumers control and the majority of profits. UK consumers have been at the mercy of the Big Six for too long.”

A total of 95 per cent of UK households get their power from the same six companies – British Gas, Npower, SSE, Scottish Power, E.On and EDF.

Our Energy, which is still in its formative stages, will allow a maximum of 30,000 people onto its books in its first year, giving them an ownership share within three years. Customers will be given a vote to determine the direction of the company, as well as shares which they can keep as long as they remain a customer, but cannot sell on.

Three quarters of profits will be redistributed in an annual rebate, with users choosing between a green tariff, which takes power from 100 per cent renewable sources, and a “lean” option, which provides the cheapest rate available.

Meanwhile, directors, including Edinburgh-based David Pike, a former consultant to EDF and Scottish Power, will share their salaries, accounts, and wholesale energy costs with users.

John Wright, ex-chief executive of the Yorkshire and Clydesdale Banks, is senior advisor to the board.

However, none of this will come to fruition unless the leaders can raise £10,000 to cover the initial costs of market entry, including a licence from regulator Ofgem.

A crowdfunder has been set up, with those who donate able to secure their place as one of the first 30,000 customers, with operations scheduled to begin next year.

Pike said: “UK consumers have quite rightly lost trust in their energy suppliers. Why should we all pay higher prices just to line a shareholder’s pocket? Our Energy will bring democracy and transparency to the UK’s energy market.

“Our customers will enjoy the profits, in three years they’ll own the majority of the company and they’ll never have to switch energy supplier again, because they will always have the best deal.”

The fundraiser will run on the crowdfunder website until October 24, and last night around half of the money had been pledged.