Commenting on Ofgem’s proposals to ensure existing energy suppliers maintain high financial and customer service standards, Uswitch.com Head of Regulation, Richard Neudegg, said:
“Consumers should be reassured by these proposals from Ofgem. The regulator is focusing on solid measures to ensure good customer service and minimise the risks if an energy company goes out of business.
“The proposed thresholds for assessing whether suppliers can continue to serve their customers well as they grow larger should help prevent companies from becoming too big too quickly. This could also influence the tactics they use to attract new customers if they know there are checks in place.
“The requirement for providers to give more details about how they will meet their financial and environmental obligations, and to have plans in place should the worst happen and they need to cease trading, also means there should be less risk that customers of other suppliers have to pick up the tab because one company has behaved irresponsibly.
“But the real test of the proposed new rules will come when Ofgem has to enforce them. The whole industry will be watching to see if the regulator’s bite is as strong as its bark.
“We have seen many suppliers going bust over the last 18 months, and we will likely need to wait until well into 2020 before these new rules come into force. In the meantime it’s important consumers maintain confidence in the switching process, as this is the quickest and easiest way for bill payers to find better service and more attractive deals.”
FOR MORE INFORMATION
Tim Dunford
Phone: 020 3872 5612
Mobile: 07785 552666
Email: tim.dunford@uswitch.com
Twitter: @uswitchPR
Notes to editors
1. For further information please visit the Ofgem website.
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