Uswitch responds to Ofgem’s energy price cap confirmation

Responding to Ofgem’s confirmation that the energy price cap will be set at £1,137, Richard Neudegg, Head of Regulation at Uswitch.com**,** said: “Ofgem’s suggestion that households on standard variable tariffs will save an average of £76 from January may not be realised. Consumers should not be lulled into a false sense of security – there is a very good chance that the price of standard tariffs will change three times over the next 12 months, and potentially for the worse rather than the better.

“As Ofgem themselves suggest, initial savings could be wiped out as early as April when rising wholesale costs may force the cap to increase, so standard tariff energy customers can only rely on three months of savings – averaging around £19 – before the cap potentially goes up. It’s possible the same could happen in October, too. With the cheapest deal on the market a staggering £216 cheaper than the capped tariff, customers may well be questioning why they are leaving their bills in the hands of the regulator.

“The only way to escape the cap trap is by coming off these tariffs altogether and we welcome Ofgem’s continued commitment today to make it even easier for customers to shop around. Energy customers who need peace of mind this winter should switch to a fixed deal, securing the rates they will pay for at least 12 months – compared to the three months offered by the cap level announced today. By switching now there is time to make far more substantial savings to energy bills before the cold weather takes hold.”

Find out how you could save over £1,000 a year with Uswitch here**.**

FOR MORE INFORMATION

Tim Dunford

Phone: 020 3872 5612

Mobile: 07785 552666

Email: tim.dunford@uswitch.com

Twitter: @uswitchPR

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