MPs have today voted against granting the regulator, Ofgem, the power to force energy companies to pass on savings from falling wholesale prices. Responding to the announcement, Ann Robinson, Director of Consumer Policy at Uswitch.com, says: “The result of today’s vote will be a disappointment for energy customers – most of whom are yet to see the benefits of lower wholesale energy prices.
“If the energy market was functioning properly, competition would be driving down prices and improving service – rather than more red tape.
“We believe that Labour’s price freeze proposal has been instrumental in the failure of the big six energy suppliers to reduce their standard prices, despite the significant fall in wholesale costs.
“Despite the outcome of the vote, consumers can lower their bills today by switching to a more competitive tariff. There is a staggering £340 a year difference between the market’s best and average standard deal, so it pays to shop around. And, now that the time it takes to switch provider has been cut by half, consumers could be saving on their winter bills even sooner.”
Jason Wakeford
Phone: 0203 872 5612
Email: jason.wakeford@uswitch.com
Twitter: @UswitchPR
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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
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