Commenting ahead of next Thursday’s Commons debate on potential government intervention to regulate energy prices, Richard Neudegg, Head of Regulation at Uswitch.com, says: “Consumers deserve lower bills and we believe that a dynamic and competitive market in which suppliers are actively encouraged to compete on price and customer service is the best way to achieve this.
“Tinkering with ideas like price caps as a magic bullet to bring down energy bills is a knee-jerk reaction that will leave consumers even more out of pocket in the long term. Price caps may sound good on paper but would remove the incentive for energy companies to drive down prices and fight to keep their customers. It would be a death knell for competition and this isn’t in the best interest of households trying to keep their energy bills down.
“The mere threat of government intervention is giving major suppliers another reason to raise the drawbridge on their most competitive tariffs, resulting in fewer attractive deals from the brands most recognised by consumers. It also risks creating a costly false sense of security for customers who are languishing on poor value plans.
“The CMA conducted a thorough and expensive investigation into the energy market and made a series of recommendations. That investment in considered outcomes must not be thrown by the wayside. The remedies should be fully implemented and given time to succeed.
“The upcoming Green Paper on Consumers and Markets is the perfect opportunity for the Government to unambiguously show its support for an efficient, competitive energy market as the most effective way of improving service and driving down prices.”
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FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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