The UK government and Ofgem are in favour of an energy price cap to hinder the suppliers that are going on with energy price rises. However, that may not be the best solution to deal with the energy price rises, many experts and even the Competition and Markets Authority suggested that the price cap may not turn out to be the ideal way out. As the price cap is considered for people suffering from high standard variable tariffs, it does not work out for a majority of people on fixed energy tariffs.
Experts fear that if energy prices of standard variable tariffs are capped then UK energy suppliers may increase the fixed energy tariffs making it difficult for customers to survive. Also, suppliers who are charging lower standard variable tariff may bump it up, making it all the more difficult to get cheap energy bills. In addition, the market would suffer from lack of competition which can prove disastrous in the long run. Moreover, the eventual result of price cap would be that UK energy suppliers will stop attracting customers which will pull down the market.
Energy price comparison experts suggest that energy price cap could be detrimental to the energy market rather than beneficial for the customers. Instead, the alternative is to protect the vulnerable customers through schemes like warm home discounts. Furthermore, experts suggest that energy customers should not wait for an energy price cap to get cheaper energy bills. They should take advantage of the current discount schemes launched by the government.
The next best thing to get lower energy bills is to shop around and compare UK energy providers. Every energy supplier is unique and offers separate deals so; it’s advisable to choose the cheapest gas and electricity provider. Apart from this, you can also find some of the cheapest energy quotes online. All you have to do is select them, make a switch and start savings.
If you have no time to go through the cumbersome process of energy price comparison then you can easily rely on us. We compare all UK energy suppliers and suggest the cheapest energy deals. Choose the supplier that suits you and we will manage the energy switching process. To grab the cheapest energy prices, feel free to connect with us at https://freepricecompare.com/home-energy/ or give us a call on 02034757476.
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