Energy customers missing out on substantial saving - Gas and electricity - News - Moneyfacts

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Energy customers missing out on substantial saving

Energy customers missing out on substantial saving

Category: Gas and electricity

Updated: 06/04/2011
First Published: 06/04/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The vast majority of energy customers are frittering away money by not shopping around for the best deal.

Just one in five consumers said they actively looked for better energy deals, research by Ofgem has found, meaning four out of five people could be paying more for their gas and electricity than they have to.

Customers who neglect to search our a better tariff are paying around £170 more for their energy every year.

The UK energy market is dominated by six major firms, all of which have increased their prices in recent months, blaming rising infrastructure costs and a spike in wholesale prices

But Ofgem says that there is still plenty that consumers can do to save money on their energy bills.

Energy firms have been told by the regulator to make information on tariffs and bills easier to understand, as well as making information on comparing deals easier to access.

In conjunction with the new reforms, Ofgem has teamed up with the Citizens Advice Bureau to launch a campaign to help consumers get a better energy deal.

The Energy Best Deal scheme will allow people to access impartial advice on how to keep the cost of energy as low as possible through energy efficiency.

The campaign is also designed to giving invaluable advice to vulnerable energy customers.

Online videos will help people get to grips with their rights when it comes to dealing with energy companies. They will cover dealing with doorstep sales people, debt and disconnection and getting help when they can't afford to pays their bills.

"We are very excited to launch Energy Best Deal online with Ofgem," said John Rhodes, head of financial capability at Citizens Advice.

"This will help give even more people the confidence to get the right deal. At a time when utility prices are once again rising, it is particularly important that hard pressed consumers don't spend more than they need to."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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