Ofgem confirms 30 day notice for price hikes
Energy market regulator Ofgem has confirmed plans to force energy firms to give 30-days-notice before introducing price increases.
The move is part of plans announced last week as part of Ofgem’s proposed crackdown on the monopoly of big energy firms.
It means all energy suppliers must give at least 30 days notice of price increases and changes to contracts which leaves them ‘significantly’ worse off.
The changes announced today (March 28) will come into effect on April 28 next year.
Ofgem’s senior partner for markets, Andrew Wright, said: “Today’s changes will again show we are serious about making sure suppliers play it straight with consumers.
“We believe 30 days advance notification of price increases, coupled with our new proposals for more transparency and an end to complex tariffs, will give consumers more power to make informed switching choices.”
“This reform builds on Ofgem’s proposals published last week following its review into the retail energy market.
“Ofgem is overhauling the market to tackle poor supplier behaviour, sweep away confusing tariffs and break the stranglehold of the Big Six on the energy market.”