Ofgem's Retail Market Review

Ofgem's Retail Market Review

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The Energy and Climate Change Committee believes that energy companies found to have mis-sold electricity and gas deals should pay compensation to consumers. The Committee is concerned that customers may be pressured into switching supplier on the door-step without proper consideration of the options when confronted with a vast array of complex tariffs and a hard sell. Figures from Ofgem suggest that up to 40% of consumers who switch do not end up with a better deal. The report also raises concerns about the propensity for energy prices to 'rise like a rocket and fall like a feather', the growing complexity of tariffs and the market dominance of the 'Big Six' vertically integrated energy companies. The MPs single out recent price increases from ScottishPower for particular criticism. Customers who use the least energy will be hit the hardest from August when the increases are put into effect providing an apparent incentive for higher consumption - when energy companies are now supposed to be helping consumers become energy efficient. Electricity and gas tariffs are now so complex that even the Energy Minister admitted he got confused when trying to switch. The Committee is worried that a lot of people are simply bamboozled by their bills and the vast array of different tariffs on offer. The industry should address these problems immediately without waiting for Ofgem or the Government to act.11 May 2011 Phil Bentley, Martin Lawrence, Sara Vaughan, David Mannering, Alistair Phillips-Davies and John Campbell 11 May 2011 Phil Bentley, Martin Lawrence, Sara Vaughan, ... The consequence then is that we are going to have to buy more gas from international markets. ... The consequence is that prices will go up to the end consumer; so not only no investment and no jobs, higher prices.

Title:Ofgem's Retail Market Review
Author: Great Britain: Parliament: House of Commons: Energy and Climate Change Committee
Publisher:The Stationery Office - 2011-07-25

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