The energy regulator Ofgem has confirmed its proposals for reform in the gas and electricity markets, missing an opportunity to make prices simple.
Today the energy regulator published its rule changes for reforms to the gas and electricity market for consumers. The aim of these reforms is to deliver a simpler and fairer market for customers, but Which? research has shown that they do not go far enough.
Energy prices are the biggest worry for consumers. Our research shows overwhelmingly that people find it easier to spot the cheapest deal for them when prices are presented clearly, simply and consistently – just like on the petrol station forecourt.
Which? executive director, Richard Lloyd, said: ‘While these new rules will help make the market simpler and fairer, it’s hugely disappointing to see the regulator sticking to its fundamentally flawed idea of how energy prices should be presented. This will fail to help people find the best deal easily and could even mislead millions into paying over the odds for their energy.’
Energy prices must be simpler
Ofgem’s reforms are a missed opportunity to implement simple energy prices. A single unit price would allow for genuinely easy comparison, allowing consumers to spot the best deal and save money.
We will continue to call on the government to introduce a single unit price, reminding the Prime Minister of the promise he made to consumers last year. Mr Lloyd added: ‘As Ofgem continues to plough ahead, ignoring what works for consumers, we call on the Prime Minister to intervene again and make good his promise to help hard-pressed households with their energy costs.’