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MSE News: Regulator proposes cap on energy prices for vulnerable customers
Former_MSE_Megan_F
Posts: 418 Forumite
An energy price cap for vulnerable customers could be introduced as part of a raft of Ofgem proposals - but energy switching sites will no longer have to show you ALL the tariffs you can switch to by default, following a U-turn by the regulator...
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'Regulator proposes cap on energy prices for vulnerable customers'
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'Regulator proposes cap on energy prices for vulnerable customers'
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Comments
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Comparison sites no longer have to show all deals by default
This ruling will not make any difference to us 'anoraks' who know the score. However surely the purpose of the the changes is to cater for the less knowledgeable customer and, by omitting some tariffs, this will enable some websites to 'steer' them toward commission earning tariffs.0 -
So "hiding" tariffs will save people money?
I don't see this as helping consumers. Only lining the pockets of switching sites more.
We "anoraks" will have to ensure that any switching site that does this is despicable practice is widely condemned.0 -
So, have Ofgem run these proposals past the Competition and Market Authority (CMA)?
I seem to remember when Ofgem made the rule about suppliers only having 4 tariffs, the findings of the CMA investigation included making them reverse that.
Do Ofgem want to look as useless as Ofcom again?0 -
Reading between the lines which haven't been vocalised, I would imagine any 'price cap' for 'vulnerable customers' i.e. those receiving the WHD, will be for those who are on standard tariffs, and not the 'anoraks'?
I agree this is step backwards towards helping the less knowledgeable customer.
Is anyone a prepayment customer? It would be interesting to know what level of cap was put in place, given the variables of capping.Fred - Where's your get up and go?
Barney - It just got up and went.
Carpe diem0 -
Martin Lewis has promised today that the CEC will always show the whole market, we will be watching don't worry.
https://twitter.com/MartinSLewis/status/881796489999200257News energy comparisons now need only show firms that pay em. JFYI my http://www.cheapenergyclub.com will continue to default to WHOLE market.0 -
Why should Government and regulators be allowed to interfere in this way? How can it be right to pap prices for one section of the public and not others? Nothing is for free and what will really happen is that everyone else will pay for the caps enjoyed by others. I personally do not wish to pay for someone elses energy billFeudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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C_Mababejive wrote: »Why should Government and regulators be allowed to interfere in this way? How can it be right to pap prices for one section of the public and not others? Nothing is for free and what will really happen is that everyone else will pay for the caps enjoyed by others. I personally do not wish to pay for someone elses energy bill
That's what I said when they first started talking about it. Us who pay our dues always seem to be paying for those who can't or won't put some effort in.
I'll accept that there are those who have a real problem either physical or mental who need help, but I really do object to paying for those who put leccy, gass, rent and other essentials below having SKY, a posh mobile, cigarettes, drinks or even holidays.
I'm afraid a lot of the do-gooders just reinforce their sense of injustice and entitlement and I do include Martin in this as wellNever under estimate the power of stupid people in large numbers0 -
It's a long way from the governments previous proposals. The Prime Minister promised in May, a cap on "unfair energy price rises" that would protect around 17 million families on standard variable tariffs.
It's been 'watered down' to 2.2 / 2.6 million "vulnerable" customers, who currently receive the warm home discount.
For that you should be thankful?
Given the qualifying criteria to receive the WHD in the first place, these really are the most "vulnerable" in society. Do we begrudge help to those most in need? I'm sure there are many who would qualify who never receive the discount - i.e. don't know about it, too proud to apply, the scheme closes when quotas are filled etc........
But you're right, consumers will see their energy bills rise as energy companies recoup the cost of the cap?
https://www.theguardian.com/business/2017/jul/03/uk-energy-watchdog-ofgem-plan-price-cap-stitch-upFred - Where's your get up and go?
Barney - It just got up and went.
Carpe diem0
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