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CMA Energy Investigation 2016

Following the release of the CMA’s energy report this morning, Mark Todd, Co-founder of price comparison site energyhelpline, has made the following comments:

The CMA report shows just how bad the British energy market has got as it has been allowed to develop in a Wild West charge what you like manner. Customers are getting fleeced for £1.7 billion a year and many taken for granted on price and service. As a customer the onus remains on you. To get a fair deal you must compare and switch regularly. Only you can protect yourself. The CMA highlight that by switching customers can save over £300. Yet many don’t and, if you don’t switch, the hard truth is that you are likely to end up on an expensive standard tariff and get ripped off.

The CMA are only proposing price caps on prepayment meters so the charge what you like market will remain for the 21 million homes on standard credit meters. For the price cap on prepayment to be effective it must be set at a fair level. It must create some price cuts.

While the report highlights that customers can often save £300 by switching,  there is still a great lack of awareness around the issue. Many customers don’t believe they can save; others don’t know that you can compare over the phone aswell as the internet. Switching levels are low and they need to rise to get the market working well. The market remains dominated by customers on expensive tariffs with big suppliers - 88% of customers are with the Big Six and 70% on expensive standard tariffs.

While the proposals are to be welcomed the mantra for customers remains, “Switch and get a fair deal - Don't and prepare to be ripped off.”

Created: 10th Mar 2016, Last Modified: 7th Dec 2018, Switchomatic

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