MPs urge government action now.
Citizens Advice* strongly supports the BEIS Select Committee** in calling on ministers to proceed with their plans for a cap on energy prices. Gillian Guy, chief executive, said:
“both loyal and vulnerable energy customers have been the victims of a dysfunctional market and have been ripped off by energy companies for too long.”
The Committee’s new report underlines our concern that competition alone will not lead to fair prices for all.
And we’re pleased they state clearly that “Energy is a special and essential service”. That’s why stronger regulation is needed to bring an end to serious and continuing overcharging. They say:
“Customer loyalty should be rewarded by suppliers, not exploited. Regardless of customers’ reasons or obstacles to switching suppliers, no one should be penalised disproportionately for not engaging with competition, nor should it be a requirement that consumers constantly defend themselves against excessive charges. Where markets fail to deliver fair outcomes, intervention is justified.”