Energy suppliers in the UK have tripled their investment in social tariffs, potentially enabling more homeowners to switch energy rates to cheaper alternatives.
Figures from industry regulator Ofgem reveal that the six biggest companies have increased their spending to nearly £160 million, most of which has been invested in delivering cheaper prices for vulnerable customers, reports Reuters.
One million homeowners were subscribed to a social tariff in March of this year, compared to just 460,000 in the same month last year.
Maxine Frerk, director of governance, consumer and social affairs for Ofgem, told the news agency: "We are particularly pleased to see the increase in the number of customers benefiting and encourage suppliers to focus on how to help vulnerable customers."
Charity Help the Aged welcomed the news but said that more work needs to be done as there are thought to be around 5.5 million Britons living in fuel poverty.
All the major energy companies have reduced their prices in recent months.
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