Ofgem introduces new proposals for consumer market
Ofgem, the energy industry regulator, has put forward a number of proposals which could revolutionise the UK utility sector and further strengthen the hand of UK consumers. Currently energy firms have up to 65 days in which to notify customers that they have increased their prices while consumers have just 20 days to switch suppliers to avoid these increases. However, the new proposals would turn around the hands of power
Under the new proposals, energy companies in the UK, e.g. electricity and gas suppliers, would be forced to give 30 days notice before pushing prices up, which would allow consumers to consider switching suppliers. It will be interesting to see how many consumers make use of the proposals, assuming they come into play, and how this will impact upon competition throughout the UK energy sector.
Energy costs have increased dramatically in the UK over the last two or three years at a time when monthly budgets have been stretched to the limit. It is this move in prices, which has often been volatile, which has caught the eye of Ofgem and led to a significant tightening of the regulator environment. Will this be enough to appease angry consumers?
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