Ofgem publishes league table of energy tariffs - are you on the most expensive deal?
Industry watchdog Ofgem has published its own league table comparing the cheapest and priciest energy deals on the market.
We spoke to Ofgem this morning and here's what we know about the table so far.
The table compares how much customers on standard variable tariffs (often the most expensive on the market) with each provider could save by switching to a cheaper deal.
It also shows what percentage of each supplier's customers are trapped on standard variable tariffs (SVTs).
Customers can see how much more expensive SVTs are than both that supplier's cheapest deal and the average of the ten cheapest deals on the market.
British Gas, for example, has a staggering 6,639,056 customers on its SVTs, costing an average of £1,044 a year. That's £129 more than British Gas's cheapest plan, and £174 more than the average of the market's ten cheapest deals.
Ofgem's table is a much needed bid to help these millions of consumers who are being fleeced for gas and electricity.
Greg Clarke, the Energy Secretary, praised the move, saying: “The measures announced today are a positive step to help more people benefit from increased choice and competition.”
And Citizens Advice’s Gillian Guy said he hoped the table would "lift the lid on the price difference between standard tariffs and cheaper deals, helping those customers who are currently paying over the odds for their gas and electricity identify a better rate."
We’ve been straining to lift that lid for a while.
If you’ve been with your supplier for a few years, switching energy can almost certainly save you a few hundred pounds.
Ofgem's move is a good one - anything that helps consumers get a fair deal is alright by us.
But a word of caution: while a record number of people switched in 2016, close to seven in ten households are still stuck on standard variable tariffs, costing £1.4bn in total.
The league table is a useful tool for savvy energy consumers, but will it help those customers trapped on pricey plans?
And if it's only updated 'periodically', will the information be in date?
We put these questions to Ofgem and a spokesperson told us: "We’ll be updating it when it’s valuable for consumers to do this – for example if there have been significant developments in the market."
Right, so we still don't really know.
What is certain is that households that haven’t fixed their deal face rapidly rising bills and, as ever, despite Ofgem's table, when it comes to energy it pays to look after number one.
Are you stuck on an expensive deal? Do you feel ripped off by your provider?
Let us know in the comments section.
ARE YOU BEING RIPPED OFF BY YOUR ENERGY PROVIDER?
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