Has your energy supplier recently put its prices up? You’re not powerless when this happens – Ofgem has provided ways to fight back. For instance, did you know that you could reject the increased price rates and switch to another energy supplier before the higher rates kick in? Here’s how:
1. You will receive a letter from your energy supplier telling you about the price rise; this must come 30 days before it will be implemented according to an Ofgem rule.
2. Now, write to your energy supplier telling them that you reject the price rise and will be switching. You must send this letter within 20 days of receiving your price rise notification.
3. Switch your gas and electricity energy supplier within 15 days of notifying your supplier that you will be leaving.
You should then remain on your cheaper pre-price rise rates until you switch to a cheaper energy tariff.
Do remember if your current price plan has any cancellation fees for leaving your contract early, these will still apply. However, often these fees are offset by the savings you stand to make.