moneysupermarket.com comments on Ofgem's 65 day consultation rule

Commenting on Ofgem's 65 day consultation rule, Scott Byrom, utilities manager at moneysupermarket.com said:

"The current situation is a huge worry for British bill payers; it allows over two months 'grace period' for the energy giants to notify customers of a price hike which is far too long.

Without doubt this is not 'best practice' and notifying customers in advance of a price rise would be the better option and much fairer to consumers.

By doing so, Brits could then shop around immediately for the best alternative deal which is crucial to make sure no one is paying over the odds for gas and electricity, and ensures a thriving and competitive market place.

"While the Ofgem consultation is a positive step towards ensuring customers are made aware of price changes earlier, the bigger issue is customers understanding exactly what the price change means to them and having their options explained on how they can avoid any big price hikes.

"Notification letters should make clear the exact impact a price change will have on individuals and take into consideration the tariff of the bill payer.

With so many different deals available from each supplier it's hard to identify what the news of a price increase means in real terms.

Any news of energy prices increasing should serve as a wake up call to encourage customers to look for a better deal.

However apathy is rife, and if the information is not front of mind for customers, then unfortunately it's likely they will just accept the additional charges and continue to pay over the odds for their energy supply.

"Looking for the best energy deal for your needs has never been easier and with the ability to compare prices and shop around for a better deal there is no reason why Brits should continue to overpay for gas and electricity.

With average savings of GBP300 to be had by moving from a standard tariff to the best online tariff available people really should make the move and pocket the difference.

Back to top