This article was last updated on April 16, 2022
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The Energy Secretary, Ed Davey is expected to unveil the proposals that would ensure gas and electricity firms will put consumers on the cheapest available tariffs.
Mr. Davey has today called a halt to the confusion caused by hundreds of different rates on offer by offering the firms a choice of just four gas and electricity tariffs.
Energy companies will be forced to offer the customers a better deal by the summer of 2014. Households will be provided with a choice between a standard rate, a fixed rate and two other types such as a green tariff.
Labour has welcomed plans on simpler tariffs, but also emphasized that the government need to reform the energy market and create a new watchdog to force companies to pass on price cuts.
The proposals, which are expected to be included in the forthcoming Energy Bill, are under the process of consultation until January.
Energy expert at uSwitch, Tom Lyon has spoken regarding the simplifying tariffs and the market for consumers that it was “a good thing”.
“Giving consumers all the tools they need to select the best deal for their needs will give competition the kiss of life that it needs.”
But also warned that “we would be deeply concerned if the government does go a leap further and insists that suppliers put all their customers on their cheapest deal – this would kill competition stone dead and could result in everyone paying higher prices in the long run”.
The Energy UK boss, Angela Knight – representing the Big Six suppliers British Gas, npower, E.On, Scottish Power, SSE and EDF, has told that companies will try their best to gain customers’ confidence of getting the lowest possible prices. However, she has also added that she does not know whether the proposed measures would lead to fall of prices.
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