September 29, 2017
Energy regulator, Ofgem, has revealed it's currently consulting to deliver 'next day switching' - in a bid to make it easier for consumers to move energy suppliers.
The new rules could mean when a customer requests a switch to a new energy supplier before 5pm, they could be moved to their new supplier the next day - the longest a switch would take is 5 days.
This is a significant improvement on the industry average which is 2-3 weeks and switching to certain energy suppliers can take up to 6 weeks!
Ofgem says this process "can be unreliable and slow", and that it's resulting in putting households off switching due to the perceived "hassle".
"Switching currently takes on average two to three weeks, which compared with other markets already looks slow and out-of-date given rising consumer expectations driven by new technology.
"In a competitive energy market, it is vital that consumers can be confident that they can easily and quickly change their energy supplier, or else they may choose not to do so."
Ofgem has now proposed the creation of a "Central Switching Service" which will enable customers to request a switch by 5pm and be with their new supplier by midnight the following working day. This timeline will be expected from energy suppliers but Ofgem will only regulate energy suppliers to complete the customers switch within 5 working days.
The reform package is expected to deliver net benefits worth between £169 million and £1 billion to consumers.
Wondering what you could save on your energy bills by switching supplier - wonder no more! On average our customers save £401.82*. We offer an online energy comparison service or you can call one of our advisors on 01259 220000.
*20% of all users over the last 60 days (31 Jul - 28 Sep) achieved a saving of at least £401.82
Posted on September 29, 2017 at 10:51 AM