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Uswitch responds to Ofgem’s supplier licensing reforms

Responding to Ofgem’s proposed reforms to the licensing conditions for new domestic energy suppliers, Richard Neudegg, Head of Regulation at Uswitch.com, said: “This is good news for the long-term health of the energy market in Britain, and gives customers further confidence that their interests are being prioritised. Competition in the UK energy market is thriving. With over 70 suppliers to choose from, it’s never been easier for households to shop around and make sure they’re not overpaying for their energy. “Ofgem is proposing a strong package of measures to ensure new energy companies have the necessary funding to run their business and meet the policy requirements placed on them by the Government. It’s also encouraging that Ofgem will require them to prove they adhere to high standards of customer service, as well as strengthening the processes for monitoring the performance of existing suppliers. “Six smaller providers have ceased trading in the past two years, so it’s right that Ofgem will now be looking more closely at prospective new suppliers’ financial security and business models. “Ofgem has a tried and tested process for dealing with any supplier which does cease trading to ensure there is no loss of supply for its customers. But prevention is better than a cure, and these proposals should raise the bar for new entrants to prove they are fit for purpose while providing reassurance to consumers that they can switch with confidence.”

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

Notes to editors

Six domestic energy suppliers have ceased trading in the since November 2016: GB energy (2016) Future Energy (2018) GEN4U (2018) Iresa (2018) Ephase Energy (2018) Usio Energy (2018)

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