Cheap Energy Club - is it?

canterswest

We would need data from comparison sites to know how many find the option for an alternative to inflated savings. Should be possible. Uswitch was asked to provide evidence to the ECC select committee on how many selected 'not' to see results they could switch to today.

System

canterswest wrote: »

Martin Lewis has tweeted they are stopping advertising inflated savings next week. It is mainly comparison sites that advertise savings that consumers will never actually see, not the energy companies, according to a submission to the CMA energy market investigation. The submission suggests energy companies have not used inflated savings to attract new customers because some of them have already been fined based on incorrect pricing information. There is an analysis of MSE CEC's collective switch that concludes:


https://assets.digital.cabinet-office.gov.uk/media/54da24ebed915d514400000b/The_Energy_Shop_Submission.pdf


Based on details of the switch we can estimate that some 10,000 or more customers were quoted "inflated" savings that amounted to some £1.5 million to £2.0 million.


I wonder if all price comparison sites will stop showing inflated savings to avoid more bad publicity and possible misselling claims by consumers who would have taken a different decision with the correct information.

Can't find ML's tweet but this is a pretty damning report which mustn't be ignored by the Govt/Regulators.

canterswest

https://mobile.twitter.com/MartinSLewis/status/565946621582905344


I know how to select on energyhelpline between weighted and standard results. I just tried it for my tariff and it makes about £40 difference - inflated saving displayed as my fixed tariff ends in July. However, are 'standard' results accurate, what are they based on? For accuracy, is the only way to work out your own prices?


There's also this -


http://news.sky.com/story/1423242/ministers-plot-new-energy-switching-drive


Energy prices are very political, and they have their own agenda. Their focus is anything that enables them to claim prices are down whether it is true or not. They will not care if cheapest prices are simply because there are new suppliers that are simply TPIs selling energy today, financial services tomorrow.


Personally I still think it is sensible to give my business to a supplier that is investing in future energy supply and social tariffs.

AndyPK

canterswest wrote: »

However, are 'standard' results accurate, what are they based on? For accuracy, is the only way to work out your own prices?

As the report tells you, if you are on a standard tariff or a fixed tariff that has over 12 months to run they are accurate.

If you on a tariff that is about to expire you will get the most inaccurate result (unless you select the option, where available)

But yes its always best to work things out yourself before you sign up. The comparison sites are very useful to give you idea's on which suppliers are competitive and to send you an email when better tariffs are available.

canterswest

I am on a fixed tariff that ends in July. If I click to see standard results, is the savings shown the actual 12 month cost of my current deal versus the twelve month cost of a new tariff (this must be a bit estimated as I have not actually used 12 months supply yet).

System

canterswest wrote: »

https://mobile.twitter.com/MartinSLewis/status/565946621582905344


I know how to select on energyhelpline between weighted and standard results. I just tried it for my tariff and it makes about £40 difference - inflated saving displayed as my fixed tariff ends in July. However, are 'standard' results accurate, what are they based on? For accuracy, is the only way to work out your own prices?


There's also this -


http://news.sky.com/story/1423242/ministers-plot-new-energy-switching-drive


Energy prices are very political, and they have their own agenda. Their focus is anything that enables them to claim prices are down whether it is true or not. They will not care if cheapest prices are simply because there are new suppliers that are simply TPIs selling energy today, financial services tomorrow.


Personally I still think it is sensible to give my business to a supplier that is investing in future energy supply and social tariffs.

Having read the Sky article, I have to chuckle at the Govt's push on 17 day switching when E.oN tell me that 'in accordance with industry practice' it will take them 35 days to set up a switched electricity account. They also failed on both counts: electricity took 18 days and gas 24 days. Their excuse was that this is all very new policy.