Ofgem move scraps 'bizarre' practice - 28/04/2011
An Ofgem ruling has been implemented today (April 28th) meaning energy suppliers must give their customers 30 days' notice of any price rises.
Up until now, energy companies have been allowed to delay informing consumers of price hikes for up to 90 days after they have come into action, a practice which energyhelpline.com director Mark Todd branded "totally bizarre".
Mr Todd said: "The new 30-day notice period will give people time to find better deals, switch suppliers and save money. We estimate if it had been brought in before the last round of rises, which averaged 5.9 per cent, it could have saved households £146 million in those 30 days by enabling them to switch to avoid the price rises."
Mr Todd also believes the move shows Ofgem is moving towards creating a fairer energy market for customers and help them lower their gas and electricity bills.
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