MSE News: Energy price cap must be introduced

Former_MSE_Megan_F

An energy price cap must be introduced by next winter to stop millions of customers being ripped off, a committee of MPs has said...

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'Energy price cap must be introduced by next winter say MPs'

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NineDeuce

The committee of MPs have no clue how energy billing works and should keep out of it. They just want to pull on the heart strings of voters.

A cap will do nothing, because energy prices will just go up in other ways.

pappa_golf

the last time they stuck there noses in regarding pre pay , every company simply raised there price to the maximum allowed

thank you

System

Some interesting comments in a Moneywise article:

Quote ..... the cap is needed due to suppliers “failing to take effective action against the overcharging for years of their customers”, and Ofgem being “too slow and reluctant to use its extensive powers to step in and protect the interests of customers”.

Responding to the BEIS Select Committee report, Lawrence Slade from industry body Energy UK, comments: “With a record one in six customers switching last year and over 60 suppliers to choose from, the energy market is changing rapidly and has never offered so much choice Quote

I concur fully with the Committee's views about Ofgem. I just wonder whether my 4 electricity switches in 2017 count as 4 customers or as one?

I fear that the man use statistics like a drunken man uses a lampost: for support not illumination.

[Deleted User]

Hengus wrote: »

I just wonder whether my 4 electricity switches in 2017 count as 4 customers or as one?

As this is the energy Industry owners body, probably as 7 customers :rotfl:

matelodave

pappa_golf wrote: »

the last time they stuck there noses in regarding pre pay , every company simply raised there price to the maximum allowed

thank you

I'm with you on this.

There are always unintendend consequences when the government tries to stick their oar in.

Usually to the detriment of not only those who they think they are helping but to the rest of the population as well who end up paying for it.

I'm not always sure that some of Martin Lewis's campaigns are for the good either as someone always loses out somewhere

SpotlandRules

They say one of the reasons that prepay is so high, is because of the middlemen taking their cut, ie Pay Point.

If all prepay went smart, then surely this would remove Pay Point and then costs would reduce. Or, no doubt, they would probably just keep it the same and rake in further money.

pappa_golf

matelodave wrote: »

I'm with you on this.

There are always unintendend consequences when the government tries to stick their oar in.

Usually to the detriment of not only those who they think they are helping but to the rest of the population as well who end up paying for it.

Michaelw

I managed to get this smart meter reverted to prepayment at last and will stay on this method.It took £70 in total to get out of this debt at last.Credit meters are not for everyone and debts can spiral.My warm home discount has gone on the Electricity and now know where I stand.

Theres a more rapid responce to meter problems.Also fall more under protection if there are problems all round.