Ofgem has today outlined measures to improve transparency in the energy market and make it easier for small suppliers to compete. From 31 March, the big six suppliers will be required to release the prices at which they intend to trade wholesale power up to two years in advance, providing smaller suppliers with the opportunity to trade and compete more effectively.
Ann Robinson, Director of Consumer Policy at Uswitch.com, says: “This is a step in the right direction for improving competition and transparency for consumers. These measures are vital for breaking down barriers for new entrants and allowing small suppliers to enter and compete more effectively in the market. The fact that the big six will, from March, have to publish wholesale power prices two years in advance, will not only reduce the risk involved in taking on new customers, but will also make it easier for smaller suppliers to trade in an open and transparent market.
“A more competitive market will provide consumers with even more choice. While many of the big six are struggling to rebuild relationships and trust, several small suppliers are already offering cash-strapped consumers attractive deals, market-leading tariffs and great service. It’s in everyone’s interests to see more of this. With almost a £300 difference between the cheapest and most expensive tariffs on the market, it’s vital that consumers shop around and ensure they are on the best tariff for their needs.”
1. Source: Ofgem - https://www.ofgem.gov.uk/press-releases/ofgem-tears-down-barriers-competition-bear-down-hard-possible-energy-prices
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