Do energy companies price match/offer retentions?

C_Mababejive

Has anyone tried this?

My current tarrif is up for renewal, i like the company im with and dont really want to switch but others are now a bit cheaper?

[Deleted User]

No, that is against the OFGEM regulations. All tariffs must be published, no hidden offers allowed.

What some companies try to do is decrease your monthly direct debit on the new tariff so you initially pay less but after a month or two , they will increase the direct debit to pay off the debt you have built up. Again that is against the regulations too as the companies are not supposed to allow consumers to get into debt.

C_Mababejive

I see, but some offer cashback which is presumably allowed and comparison sites offer cashback for switching...that money must be coming from the supplier via the back door?

System

C_Mababejive wrote: »

I see, but some offer cashback which is presumably allowed and comparison sites offer cashback for switching...that money must be coming from the supplier via the back door?

No supplier is allowed to offer cash back. Price Comparison Sites receive a consumer referral fee from some, but not all, suppliers. When a referral fee is paid, then it is up to the individual price comparison site to decide whether to share this referral fee with consumers who use their site to switch. There is nothing untoward (backdoor) going on here.

Bigphil1474

OP, I wish they did. I'm in same boat as you. Happy with current supplier, but their best tariff is way too expensive now. Need to switch by end of month. Doh.

zaax

I'm in the same boat. But I was thinking that if you gave the suppliers (both old and new) very high leaving readings you would be paying less until your reading matched.

trickytree1963

zaax wrote: »

I'm in the same boat. But I was thinking that if you gave the suppliers (both old and new) very high leaving readings you would be paying less until your reading matched.

Sounds a bit like fraud though?

System

zaax wrote: »

I'm in the same boat. But I was thinking that if you gave the suppliers (both old and new) very high leaving readings you would be paying less until your reading matched.

When you switch, the gaining supplier asks you for a meter reading. A clever person adds or deducts a few 000 kWhs to make a couple of £s.

Fortunately, for the honest ones amongst us, this fraudulent practice will get picked up by the Data Collectors who are required to validate all switching meter readings using up to 70 years of historical data on each property. They will ignore the erroneous readings and provide the gaining and losing suppliers with an estimated reading to open and close your accounts. Fear not, no Police will come knocking on your door, the Data Collectors will just assume that the meter has been misread.

PS. When you switch, the losing supplier will ignore any meter reading provided by the customer as it is required to do. The gaining supplier manages all aspects of the transfer.

jelliot

if you gave the suppliers (both old and new) very high leaving readings you would be paying less until your reading matched

Wouldn't work if you have smart meters.

I did that a few years ago and saved myself £5.

Hardly worth the effort now.

System

jelliot wrote: »

Wouldn't work if you have smart meters.

I did that a few years ago and saved myself £5.

Hardly worth the effort now.

I suspect that you may be confusing, say, 500 units at full price and the differential cost of 500 units on your old tariff compared to 500 units on your new tariff. I had a situation a couple of years ago when a much delayed switch resulted in an estimated reading that was about 100 cubic metres of gas out. The actual difference in cost was about £2.