Business Customers and Utility Satisfaction: More than Price

As the demands of business customers continue to evolve, it is imperative that electric and gas utility companies stay engaged with their customers to meet needs and expectations. Utilities that understand their customers’ attitudes, behaviors, and preferences enjoy higher overall satisfaction and are better able to support relationships with these key customers. 

High customer satisfaction in key factors such as corporate citizenship can help offset satisfaction challenges associated with factors that may be outside a utility’s control, such as price. 

Results of the 2024 U.S. Gas Utility Business and Electric Utility Business Customer Satisfaction Studies will publish in October and November, respectively. While we wait for the results, let’s take a quick look at where the industries stand on corporate citizenship and price so far this year. 

Corporate Citizenship 

Greater awareness of a utility’s actions regarding corporate citizenship significantly increases overall satisfaction. Scores for corporate citizenship have gone up significantly since 2023: +22 points for gas business customers and +26 points for electric business customers.  

After declines in 2023, gas customers’ awareness of corporate citizenship initiatives increased sharply in wave 1 of the 2024 study, with Awareness of Assistance Programs leading the way with an 18% increase.  

J.D. Power 2024 U.S. Gas Utility Business Customer Satisfaction Study, Midpoint Data

For electric business customers, we see the largest corporate citizenship increase in awareness surrounding local efforts (donations/sponsorships, volunteering, economic development efforts attracting new businesses). 

J.D. Power 2024 U.S. Electric Utility Business Customer Satisfaction Study, Midpoint Data

Price 

Despite the headwinds of inflation, electric and gas utilities saw significant improvement in business customers’ satisfaction with Price in 2024 wave 1 results, as business customers’ financial status improves slightly year over year.  Interestingly, satisfaction with price is up despite higher reported usage by gas customers. 

Gas Business Customers:

J.D. Power 2024 U.S. Gas Utility Business Customer Satisfaction Study, Midpoint Data

J.D. Power 2024 U.S. Gas Utility Business Customer Satisfaction Study, Midpoint Data

Electric Business Customers:

J.D. Power 2024 U.S. Electric Utility Business Customer Satisfaction Study, Midpoint Data

J.D. Power 2024 U.S. Electric Utility Business Customer Satisfaction Study, Midpoint Data

Key Takeaways 

• Business customer satisfaction with Price is up for both gas and electric customers  

• Corporate citizenship awareness is rising in both sectors  

• While utilities cannot always control price, they can focus on other key factors to mitigate dissatisfaction  

J.D. Power can provide your utility with actionable information and insights regarding the needs of your business customers. Connect with our team today and discover what J.D. Power can do for you >>>