Transparency 'vital' to a competitive energy market - 18/10/2011

It is essential that the UK's energy market is fully transparent to ensure people have as much information as possible when looking to switch energy suppliers to get cheap gas and electricity.

Reacting to yesterday's (October 17th) energy summit at Downing Street, director of independent price comparison site EnergyHelpline.com Mark Todd welcomed proposals to make it easier for consumers to find cheaper tariffs.

"Transparency is absolutely crucial in bringing about a fairer market and driving competition," he stated.

However, Mr Todd added it was "disappointing" that none of the Big Six suppliers agreed to lower their standard tariffs as a result of the meeting and although he predicted the UK is likely to see a brief freeze in prices, he said more uncertainty is expected in early 2012.

He warned that a further round of increases would be "catastrophic" both for under-pressure consumers and the government, which has staked its reputation on tackling the problem of high bills.

Yesterday's summit saw representatives from all the major energy suppliers discuss the issue of fuel costs with prime minister David Cameron and energy secretary Chris Huhne, while representatives from Ofgem and consumer groups were also in attendance.

If you want to find out more about switching energy suppliers and how you could save up to £389 in minutes, click here.

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