Ofgem: Energy tariff reforms should 'simplify' market
- From 1 January:
- Suppliers limited to offering customers a choice of only eight tariffs: Four for gas, four for electricity.
- Suppliers must inform customers through bills and other forms of communication on what they have done and what changes are planned in a "Treating Customers Fairly" statement.
- Simpler structure for tariffs: A unit rate and, if suppliers choose, a standing charge.
- From 31 March:
- Suppliers must inform customers of the cheapest available tariff and how much money it could save them.
- Introduction of a Tariff Comparison Rate (TCR), likened to APR for interest rates, enabling customers to compare tariffs at a glance. The TCR will be measured in pence per kilowatt hour (p/kWh) and based on consumption of an average user.
- Bills and tariff quotes to include a "Personal Projection", forecasting what a customer will pay based on their own usage or supplier's best estimate.
- Every tariff will contain a "Tariff Information Label" allowing customers easier understanding and a simpler opportunity to compare it.
Source: Energy UK
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