With Millions on poor value energy tariffs – What can you do?Dermot Nolan’s (OFGEM) keynote speech at today’s Future of Energy Supply Event was essentially one message – don’t put up with set prices and poor service, switch suppliers. We have a habit in the UK to settle in with our energy suppliers. We have the notion that “Once it’s set up that’s all I have to do”. The truth is that Energy prices are rising dramatically, and without shopping around you won’t get the best price and service.
“It is a good sign that when consumers do vote with their feet, and walk away from suppliers who don’t deliver, it drives up standards across industry” -Dermot NolanThe Competition and Markets Authority found that 17 MILLION customers were on their supplier’s standard or “default” tariff. Meaning 17 million customers are paying the most expensive tariff their energy provider has. Since that 2015 report, those numbers have dropped to 12 million which is an improvement but still a long way from perfect. Of these 12 million, it was also found that over 8.6 million haven’t switched suppliers in 3 years, and 34% of customers have never switched suppliers according to the OFGEM Consumer Engagement Survey. The majority of these customers are paying much more than they need to be.
“Our vision is for a market where all consumers have the tools, and – importantly – feel empowered enough, to make active choices about who their supplier is or what tariff they’re on. There’s still a very long way to go.” – Dermot Nolan