Uswitch comments on Ofgem’s credit reform consultation
Richard Neudegg, head of regulation at Uswitch.com, comments:
“A certain amount of energy credit can be a useful cushion for consumers during the winter months, as it can soften the blow of bills spiking if they are using their heating more at a particular time.
“However, if a customer’s monthly bill is higher than it should be or the consumption is much less than expected, their supplier could be potentially hoarding hundreds of pounds of their money.
“It is good to hear that Ofgem is examining this practice, with the potential to introduce automatic refunds. An ‘auto-refund’ requirement would stop surplus credit balances growing year on year.
“With energy bills a heavy burden for most households, any unexpected windfall of £65 would be gratefully received.
“If confirmed, the proposals won’t be rolled out until 2022, but if you’re currently wondering whether you could be owed money, update your meter readings and check your account balance. If you are in credit, many suppliers will let you request a refund online.
“If you’re in the process of switching, and in credit with your energy company, the supplier will send you your final bill with credit deducted, or refund the leftover credit to your bank account.”
FOR MORE INFORMATION
Ross Stebbing
Phone: 07827 836 709
Email: ross.stebbing@rvu.co.uk
Twitter: @UswitchPR
About Uswitch
Uswitch is one of the UK’s top comparison websites for home services switching, including broadband, mobiles, SIM Only and insurance. We’ve saved consumers over £2.5 billion off their bills since we launched in September 2000.
In 2022, Uswitch launched its free mobile app, Utrack, to help consumers manage their home energy costs. By connecting to their smart meter, users can track their energy usage hourly, get dynamic insights and calculate potential savings with handy tips.
Uswitch is part of RVU, a global group of online brands with a mission to empower consumers to make more confident home services, insurance and financial decisions.