Uswitch welcomes new Ofgem rules on energy companies’ financial statements

Ofgem has proposed new rules to make the information on energy company revenues, costs and profits more accessible. Emma Bush, energy expert at Uswitch.com, says: “Energy bills have gone up by almost £800 over the last ten years and consumers want to know why. These new rules may help people understand how energy companies set their prices and make their money.

“Reporting costs under a common set of categories will make it easier for people to make like for like comparisons between the companies, and have a more informed opinion on their energy supplier. We also welcome Ofgem’s decision for independent auditors to ensure that all profits are reported accurately.

“All consumers really want at the end of the day is a cheaper bill. While these new rules won’t deliver this, they are another step forward towards restoring trust in the energy industry and giving consumers the confidence to engage in the market.”

FOR MORE INFORMATION

Charlotte Nunes

Phone: 020 7148 4664

Email: charlotte.nunes@uswitch.com

Twitter: @uswitchPR

Notes to editors

1. In January 2004 the average energy bill was £472 a year and in October 2014 the cost is £1,265 per year – an increase of £793. Based on a medium user customer using 3,200 kWh of electricity and 13,500 kWh of gas, on a standard dual fuel plan, paying quarterly by cash or cheque with bill sizes averaged across the big six suppliers and all regions.

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