Uswitch issues response to latest energy price cap predictions from Cornwall Insight
Uswitch has issued the below comment in response to Cornwall Insight's latest energy price cap predictions for 2024.
Richard Neudegg, director of regulation at Uswitch.com, comments: “As temperatures fall and we start to use more energy at home, predictions that energy prices might rise will cause real nervousness in households on the standard variable tariff.
“Cornwall Insight’s revised predictions on where the price cap could go reflect an increased level of uncertainty in the wholesale market.
“This new analysis serves as another reminder that - as the price cap is now refreshed every three months - consumers on standard variable tariffs are particularly exposed to fluctuations in the wholesale energy market.
“Risk of volatility is part of the reason why consumers value the certainty offered through fixed rate deals.
“The regulator needs to do more to encourage suppliers to offer fixed deals more widely and at more competitive prices.
“The price cap is no longer fit for purpose, and the system needs reforming in a way that protects households but also puts pressure on suppliers to do better on price and innovate to create genuine points of difference.”
About Uswitch
Uswitch is one of the UK’s top comparison websites for home services switching, including energy, broadband and mobiles.
More people go to Uswitch to switch their energy, broadband and mobile than any other site, and we have saved consumers over £2.7 billion off their bills since we launched in September 2000.
Free mobile app Utrack also helps households manage their home energy usage and make potential savings.
Uswitch is part of RVU, a group of online brands with a mission to empower consumers to make more confident home services, insurance and financial decisions.