The government announced a price cap in September 2018. The cap aimed to save consumers between £75 and £120 a year! This cap would have helped the poorest and least able to change customers.
Energy regulator, Ofgem's, price cap for default tariffs came into effect in January 2019.
This reduced prices for 11 million households on their domestic energy bills. This sounds too good to be true.
Guess what happened then?
Short lived Bliss
Unfortunately, the Big Six did what they always do.
Just months after the price cap was established, Ofgem announced that it will raise it. This gives energy suppliers the opportunity to increase prices for 15 million households.
After this announcement, it only took 10 days for all of the Big to raise their tariffs, where is the competition in this market? This begs the question, what purpose do the Big Six serve?
While, dress their price rises in different disguises, all of their prices hit the new cap. Is this because a lot of people just won’t switch?
The actions of the Big 6 companies will impact nearly 5 million households. These plans are to be in effect on 1 April 2019.
Don’t take this laying down, switch today!
It’s time to rethink the future of domestic energy
It’s time to become more energy independent and break away from the Big 6. It’s time to start looking at the independent players in energy.
Not one member of the big 6 companies appear in the list for cheapest tariffs.
Many smaller companies are committed to cheaper and greener energy.
The company, Good Energy, exemplifies this model and effectively demonstrates the benefits consumers receive when they make the switch.
Good Energy produces its own energy from renewable sources and then sells this energy back to customers. The price for the consumer has remained fairly consistent since April 2009—that’s nearly a decade without a huge hike in price for the consumer.
Smaller companies also offer cheaper tariffs than the Big 6. Once again, not onemember of the Big 6 companies appears in the list for cheapest tariffs.
Finding the energy to switch
If smaller companies offer this many benefits, why are the Big Six still around?
Nearly a quarter of households, about 7 million homes, have never switched their energy provider—as shopping around and entering untreated territory may seem daunting.
Many believe the savings are not worth the hassle, or they believe it is too time consuming.
In reality, the switch is only a few clicks away.
The actual provider can be switched in no more than 3 weeks—that is less time than when your next bill is due.
Time to start clicking!