MSE News: Energy price cap to be extended and households given switching advice under Govt plans

MSE_Petar

The energy price cap, which limits how much suppliers can charge households on poor value standard variable tariffs (SVTs), could be extended beyond 2023, while households on those tariffs will be given personalised switching advice, under new plans announced by the Government today.

Read the full story:
'Energy price cap could be extended beyond 2023 and households given personalised switching advice under new Government plans'

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molerat

More "seen to be doing" rather than actually doing anything, just tinkering round the edges without properly regulating the energy companies.

yelias

MSE_Petar said:

The energy price cap, which limits how much suppliers can charge households on poor value standard variable tariffs (SVTs), could be extended beyond 2023, while households on those tariffs will be given personalised switching advice, under new plans announced by the Government today.

Read the full story:
'Energy price cap could be extended beyond 2023 and households given personalised switching advice under new Government plans'

If you haven’t already, join the forum to reply.

Arn't all suppliers duty bound to provide their customers with  personalised switching advice at least once per year, showing details of any tariff the supplier has on offer that will allow the customer to save money? Most suppliers seem to include this detail on every bill/statement, so usually monthly.

As regards the comment in the article:
"Trial a new autoswitching system in 2024. Under the plans, some consumers on costly tariffs would be automatically switched to cheaper ones unless they opt out. ..."

Why is the government waiting until 2024???
These services are already available right now from the likes of Look After My Bills, Flipper, WeFlip, Swichcraft, Switched. etc (other autoswitching services are available).
Anyone (with a credit meter) can sign up to these right here, right now ... if that is what they want.

Or are we awaiting a minister to get his mate to set up their own autoswitching service, so that they can trouser the £50 per customer switched (for dual fuel), perhaps against their will unless they actively object to each switch attempt.

yelias

Wasn't it David Cameron who promised almost 10 years ago during PMQs that his government would legislate to ensure all energy customers would be put on the lowest possible tariff?
What happened to those plans?
What happened to David Cameron?

What does this government want?
Do they want an open and competitive market, where prices are kept low by the competitive market nature as at present - but you will need to shop around to ensure you are on the best possible deal for you.

Or do they want everyone to pay the same price? If customers are automatically switched to the lowest possible priced tariff, then the reality will be that low cost tariffs will simply rise in price. That means all moneysavers will lose out. But if that is what the governement really wants, they should re-nationalise the energy suppliers, just like the olden days, when there was no choice of supplier and we all paid the same 'standard variable tariff'. (although even back then regional differences for electricity were still evident)

Consumerist

It will be interesting to see how they will select the tariff a customer will auto-switch to.

Some of the energy minnows look cheap but I wouldn't touch them with a barge pole.