Ofgem to make provisions to switch energy supplier in just one day!

October 10th, 2019

With energy suppliers doing things their way and burdening the customers with heavy tariffs, the energy regulator is in plans to make provision which allows customers to switch gas and electricity supplier within 24 hours of a price rise. We all know that the government and energy regulator Ofgem have often shown their displeasure on energy price rises. However, the Big Six energy suppliers are not giving them heed and are coming up with plans that show no signs of cheaper energy deals. To deal with the situation Ofgem has started consultation with the general public and is expected to make some big announcements soon.

This gives a sigh of relief to millions of UK households that are already overpaying on energy. They are charged for the standard variable tariff, which is often the most expensive energy plan but the new rule from Ofgem would put the UK energy suppliers in a fix. They would have to offer the cheapest energy deals to the customers or they will be swapped with another reliable, cheaper energy supplier in just one day. Touted as ‘next day switching’ this rule would prove an absolute bottleneck for gas and electricity suppliers that raise energy prices to astronomical heights.

Although, no formal announcement is made, the tentative idea of the rule is that, if any customer applies to switch energy supplier before 5 pm, they would be approved to switch to another supplier before the end of the next day. At the max, it can take just 5 days to complete the energy switch process. Normally, it takes four to six weeks to switch to a cheaper energy supplier and thus, many stick to the same supplier. This loyalty of customers is taken for granted by the Big Six gas and electricity providers and so, Ofgem plans to shorten the switching time.

When implemented, this method is expected to save customers around £169 million with some experts suggesting £1 billion as the upper limit of savings. Moreover, if this time frame is not suitable to the customer then they would be allowed to choose the date to switch energy suppliers as per their convenience. In this case, the date should be agreeable by both the company and the customer.

The decision as well as the formal announcement by Ofgem is expected to be made in January 2018 and so, the coming year will be relieving for the UK energy customers. They would have the power to switch gas and electricity suppliers that don’t show concern towards them.

Shay Ramani, the founder of energy price comparison site FreePriceCompare shares his views on the big decision. He explains by saying that “This is a big step by the energy regulator and may shake the energy market. The UK energy suppliers have shown insensitivity towards their customers and have not left many alternatives to find cheaper energy prices. Ofgem’s consultation and decision would be a game changer as priority shifts towards the customers. Moreover, people still need to compare energy suppliers and choose the best gas and electricity supplier to switch to.”

To sum up, customers need to be wise enough to choose the cheapest energy supplier that suits their energy requirements. FreePriceCompare can assist you in selecting the cheapest energy deals. We offer the cheapest energy quotes online so that you can switch suppliers in just a few clicks. To know more about our services, feel free to get in touch with our wonderful team by clicking on https://freepricecompare.com/ or calling us on 02034757476.

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