We're now gaining significant ground in the battle to give control back to the consumer when it comes to energy suppliers. Ofgem have recently announced a 3-day energy switching policy making it easier for consumers to shop around for the best deal, and Npower have been ordered to pay back money to consumers after a billing blunder. But with the energy landscape changing so rapidly, it's important to know your rights as a consumer...
Tagged with 'energybills'
At long last, efforts to pass more control onto consumers when it comes to their energy providers and tariffs have been successful. Ofgem have agreed a deal with energy firms which will see switching times reduced to just 3 days with a 14 day cooling off period for all customers. Hopefully this will encourage more people to switch more frequently, helping them reduce their energy bills and keep costs down.
The Chief Executive of SSE, Alistair Phillips-Davies, has seen his pay and pensions package increase (yes, increase) by two thirds since this time last year according the company's own annual report. This puts Phillips-Davies' pay packet around the £2.7 million mark, while around 10% of the UK are living in what is effectively 'fuel poverty'.
Some new data released today following a survey by uSwitch has revealed that over half of the UK's homes are owed in excess of £1.2 billion from energy companies. More than 13 million homes are currently 'in credit' on their energy accounts, which most put down to a mild winter and less need for central heating. Potentially, new legislation could stop energy companies from holding onto this money for any length of time, returning any superfluous cash to customer accounts.
Understanding what actually makes up the charges on your quarterly bill can offer up some interesting ideas and insight into how politics is affecting the money in your pocket, but there are thee key reasons that energy bills continue to rise in the UK, and we've summarised them here.
The results of Ofgem's long awaited report are out, and in it they call for an investigation by the Competition and Markets Authority (CMA) into the UK energy market. The main focus of the investigation will be whether the big six energy companies are stifling the market, preventing smaller companies from rising and generating some much needed stimulation and competition. So what does this mean for bill payers and consumers?
George Osborne is set to release details of the 2014 budget tomorrow, and with a lot of focus lately on the energy market and rising energy bills, many will be intrigued to see how the Government choose to handle it. It's been widely predicted that he will announce a halt to increases in carbon tax for industry, and consumer groups have said this could lower household energy bills by £50 over the next few years - but is this the right move?
A new campaign calling itself 'Big Deal' has kicked off in the UK and aims to unite thousands of households against the 'big six' energy suppliers to drive down their prices - and it's getting quite a following. There's been an air of mistrust between the general public and the energy giants, and the gap has widened in recent weeks as some of them have announced profits and Energy Secretary, Ed Davey has targeted British Gas as a monopolising force, ruining the market. But can the Big Deal really make a difference?
There has been grave concern over the cost of energy to UK households in the past few months. This has sparked political debates, academic squabbles and impartial investigations. It all started when the 'big six' energy companies collectively pushed up their prices at the end of 2013, claiming that green levies and wholesale energy costs were forcing them to drive up prices. So why then, after nearly 6 months ago upping their prices by 9%, have Eon just announced a 26% increase in UK profits? Something doesn't add up here...
Today it was announced that those customers who are looking to find out more about their energy usage and whether or not they're getting the best value for money, will eventually have access to a new quick and easy way of comparing deals. Secretary of Energy and Climate Change, Ed Davey, announced Government plans to introduce the codes as a way of letting consumers get an instant, up to date market comparison. So how will this help us bill payers?