Uswitch comments on introduction of energy price cap bill
Commenting on the introduction of the Government’s energy price cap Bill, Richard Neudegg, Head of Regulation at Uswitch.com, says: “The Government’s introduction of this price cap might be well meaning but is fraught with potential unintended consequences that will need to be carefully managed.
“A price cap is not a magic bullet – the biggest danger is that it risks giving consumers a false sense of security that their bills will be lowered. In reality, consumers could save up to £300 right now by switching supplier or tariff – something that can take just ten minutes. This is well in excess of anything that could be achieved by a cap so it is good to see that the Government has acknowledged the importance of getting more customers switching.
“If the Bill passes, it’s critical that Ofgem gets the implementation of the cap right otherwise there is a real risk the cap could undermine competition and push up prices in the longer term.
“Whatever shape the final cap might take, it won’t be enough to fix the energy market. We must ensure suppliers do more to get consumers off poor value default tariffs once and for all, while providing more targeted support for vulnerable consumers.”
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Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
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