Uswitch comments on Ofgem review of supplier financial checks
Commenting on today’s remarks in a speech by Dermot Nolan, Chief Executive of Ofgem, that the regulator will review new supplier licensing and the financial requirements on energy suppliers, Richard Neudegg, Head of Regulation at Uswitch.com, says: “Improving confidence in the energy market is crucial if we want more consumers to be engaged, especially at a time when we’re seeing substantial price rises from some of the big six suppliers.
“To have real and effective competition, helping to drive down prices for consumers, it’s important to allow new entrants into the market in a sustainable manner. If suppliers are not equipped to deal with changing market conditions, there’s a real risk they could go out of business. Therefore, it’s welcome that Ofgem is planning to review the financial checks carried out on providers.
“Since the collapse of GB Energy Supply, impacting 160,000 customers, serious questions have been raised about whether these financial checks are up to scratch. Currently eight of the top ten cheapest energy deals, are from suppliers that have been offering retail tariffs for less than two years, so Ofgem’s oversight is vital to provide consumers with the confidence they need when switching to these suppliers.
“Thankfully Ofgem has recently tightened up the rules if any provider does go bust. Consumers will have no interruption in the supply of their gas and electricity, and their credit balance will be fully protected.”
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FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
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