Commenting on the publication of the Government’s draft bill to introduce a price cap on energy bills, Head of Regulation at Uswitch.com, Richard Neudeggsays:
“The proposal for a widespread price cap verges on negligence by the Government. They are sending out completely the wrong message by suggesting that a price cap will improve the retail energy market.
“In fact they will condemn millions of households to higher gas and electricity bills by lulling them into a false sense of security. Right now consumers can save an average of £357 in just minutes by switching – far more and far quicker than any cap will offer. But this won’t happen if they are told to stay where they are and not take advantage of the cheaper tariffs available.
“The Government cannot have it both ways. This intervention will remove the most effective weapon in keeping prices down – competition. Instead they should focus their efforts on widening access to the Warm Home Discount for vulnerable households.
“Figures released today by Energy UK show just how powerful competition is when it comes to helping consumers. Over 550,000 electricity customers chose a new supplier last month and were able to take advantage of the huge range of tariffs available and find the best deal. The big risk with heavy handed price regulation is that it will remove the pressure on suppliers to continually innovate, offer competitive deals and improve customer service.”
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Tim Dunford
Phone: 020 3872 5612
Mobile: 07785 552666
Email: tim.dunford@uswitch.com
Twitter: @uswitchPR
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