OFGEM Turns Down Heat on Energy Suppliers
Confused.com comments on quarterly OFGEM report into wholesale and retail energy costs.
(PRWEB) June 4, 2009 -- Gareth Kloet, head of energy prices at Confused.com, comments on the recent report by OFGEM:
"Consumers have been waiting with baited breath for OFGEM to come out with a report slamming suppliers for ripping them off, but the wait continues. OFGEM's analysis actually shows the market is working, and after an aggressive start with the 'supply probe' last year, the regulator seems to be turning lukewarm on suppliers."
"While wholesale prices are falling, oil is on the rise again. Having been stung by a volatile market last year it's unlikely we're going to see any exciting price changes, in the short-to-medium term, from energy suppliers."
"Confused.com's advice to customers is not to wait for a price cuts. It may be a long time coming and as we've already seen a lot of cuts this year, we may not see any more. The price differential between standard tariff bills and best buys is still large so consumers should feel encouraged to switch."
"But customers need to be switching via a comparison site which is accredited by Consumer Focus, to ensure that they are getting accurate and impartial advice."
"I'm very disappointed that OFGEM appears to have abandoned its recommendation of accredited energy comparison sites over others that are likely to be less comprehensive and may not comply with the stringent code of practice necessary to get the accreditation."
For further information please contact:
Gareth Kloet, Confused.com: 07966 722063
Press office, Confused.com: 02920 434 398
Joanna Harte / Gug Kyriacou, Polhill Communications: 020 7655 0550
Notes to editors
About Confused.com:
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and electricity and gas prices, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com has all of the 'Big Six' energy providers on its panel, customers can save £252* on their annual energy bill by switching with Confused.com
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more.
Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.
Confused.com customers saved an average of £252.37 on their annual energy bill in 2008.
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