'Why can't you just cut Standing Charges?' – Martin Lewis puts your questions to regulator boss

MSE_Emily

Standing Charges – which you pay just for the facility of having gas and electricity, even if you don't use any – currently make up £300 of the average bill, penalising lower-use households and disincentivising people from cutting their energy usage. In the latest must-listen instalment of The Martin Lewis Podcast, Martin discusses the issue and what can be done about it with Ofgem boss Jonathan Brearley...

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'Why can't you just cut Standing Charges?' – Martin Lewis puts your questions to energy regulator boss

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Bendo

Ahh these headlines make Martin Lewis sound like he is a primary school child.

Qyburn

If anyone could bear to listen to it, did he suggest where to find £7 billion?

QrizB

Qyburn said:

If anyone could bear to listen to it, did he suggest where to find £7 billion?

Is he going to give the Magic Money Tree a shake?

The_Green_Hornet

This should be fun...

born_again

After the farce over mobile/broadband annual increase change. When the obvious answer was to make them a fixed term contract with no increases.
 Perhaps as a self appointed mouth for the public. Taking a back seat would be a option, before anymore damage is done, & Joe Public getting further ripped off...

peter1945

I thought  ofgem was to protect the public.It seems they protect the utility  companies. Who pays there wages

MattMattMattUK

peter1945 said:

I thought  ofgem was to protect the public.It seems they protect the utility  companies. Who pays there wages

Their job is not to protect anyone, it is to regulate the industry so it firstly remains functional and second does not make excessive profits. Energy suppliers make an average of 4.8% net profit, low by many business sector standards, over the last five years they have had to face nearly eighteen months when they were forced to sell energy at a loss, which is why so many of them went bust, last year their profit was capped at 3.8% on the SVT, in 2023 it was less than 3%. 

Or when you say "protect", do you mean you just mean cheaper, even that is not viable?

bristolleedsfan

MattMattMattUK said:

peter1945 said:

I thought  ofgem was to protect the public.It seems they protect the utility  companies. Who pays there wages

Their job is not to protect anyone, 

https://www.ofgem.gov.uk/about-us#:~:text=We are responsible for:,quality service from energy companies

GingerTim

Cheers Martin, another standing charge thread, just what we really needed!

Qyburn

Stamping foot and wailing "Just do it, cut that standing charge and don't bother me with facts"