Ofgem reviewing time limit for price hikes

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Ofgem reviewing time limit for price hikes

An announcement from Ofgem that it is to review the notification period that fuel companies have to give customers before increasing prices is interesting, according to confused.com.

Gareth Kloet, head of energy at the price comparison site, said that although it seems to be a bid to bring regulation to the industry, he does not think it will make very much difference.

He added that it is important for consumers to see any indication of a price rise as an indication that they should begin to hunt around for a new deal.

Consumers only have a 45-day period in which they can opt to leave their supplier after being informed of changes, with Mr Kloet reminding them that often the only reward for loyalty will be a further price hike.

One supplier that has recently made changes to its tariff is Scottish Power, which is offering consumers £25 in fuel back when they take up its new Online Energy Saver 9 option.

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Related News : Confused.com

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