Uswitch comments on Ofgem’s extension of the prepayment safeguard tariff
Commenting on Ofgem’s announcement of an average £57 rise in the level of the prepayment safeguard tariff, Richard Neudegg, Head of Regulation at Uswitch.com, says: “Action to support vulnerable households is welcome, and should be considered alongside other targeted measures to make it easier for families who are struggling to keep their homes warm.
“However, as the Government considers introducing more widespread energy price controls, the impending hike is a timely reminder that price caps can go up as well as down. A £57 average jump in annual costs is significant considering it was reviewed just six months ago. The number of deals available to escape rises has become more limited as prices cluster around the cap, and there’s a risk that vulnerable consumers will not have switched to a better deal believing the cap would protect them. It remains to be seen whether all suppliers will raise their prices up to the new cap, but it’s likely these households could face an unwelcome hit at the beginning of April.”
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