Ofgem’s new data.
The energy regulator today launched a fresh attempt to improve the transparency of gas and electricity prices and persuade more customers to switch suppliers. Ofgem issued information about the Standard Variable Tariffs of the biggest companies and the customers who pay those tariffs.
For each company they show: the number of its customers paying SVTs; the proportion of customers on SVTs; and data about average prices and potential savings.
Currently 66% of customers have never switched despite regulators’ increasingly desperate efforts to show that competition alone can ensure fair prices.
In June a Competition and Markets Authority (CMA) report showed customers are being overcharged £1.4 billion a year but decided against telling Ofgem to regulate properly to protect customers*.
In effect the 2 regulators blamed customers for not switching.
The latest information may encourage more customers to switch. However it still does little to reassure people who, for many good reasons set out by the CMA, remain ‘disengaged’ from the market.
*Energy overcharging, 24/06/16