Uswitch comments on Commons debate on energy pricing
Commenting on today’s Commons debate on potential government intervention to regulate energy prices, Richard Neudegg, Head of Regulation at Uswitch.com, says:
“Bring price caps in and we’ll be back to square one, with higher prices, even more disengaged consumers and suppliers with no reason to offer good deals. Caps could actually strengthen the position of the larger energy companies and end up harming the very people they’re supposed to protect. This flies in the face of helping consumers keep their energy costs down.
“A relative price cap – capping the difference between standard variable tariffs and a supplier’s cheapest plan – would be equally damaging. It would both completely remove the incentive for suppliers to offer low-priced fixed deals, and place no constraint on the price of their standard tariff. It paves the way for suppliers to raise the price of both their cheapest deal and their standard plan, separated by whatever level the cap was set.
“The CMA set out remedies for a dynamic and competitive energy market, with a ready-to-go programme to address consumers paying too much on standard tariffs. The right action in response to the recent price rises is to fully implement this programme – not stop it in its tracks.”
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FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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