Article by Rachel Fletcher, Interim Senior Partner, Markets at Ofgem
If you are reading this post you are probably not the sort of person that needs to be encouraged to switch energy supplier. However, over the past few years only 5% -10% of people have switched.
So what can you do to help? Well, besides making sure you are on the best deal for energy, you could also help others think about switching supplier.
New rules, simpler market
Amazingly, even though they could make savings worth hundreds of pounds per year, most consumers don’t regularly shop around for energy. They have been put off by the sheer number and complexity of tariffs on offer. But things are getting better.
Ofgem has established reforms to make the market simpler, clearer and fairer. We have banned complex tariffs and limited the number of deals suppliers can offer, so that once you have decided how you want to pay for energy you only have to choose from four tariffs for gas and four for electricity per supplier.
Changes to be implemented in April this year
From the beginning of April, your supplier will also have to tell you regularly in writing which of their tariffs is cheapest for you. So even if you don’t want to switch supplier, you could still save money by moving to a better deal with your current provider.
Switching rates at the end of 2013 were the highest ever. However, there are still millions of consumers who have not switched for years, or who have never switched at all. These may include your own relatives or friends.
So if you’re a regular switcher and you know someone you could help to compare tariffs, please share our video with them so they can start to get more out of the energy market.