Ofgem‘s Reforms Don’t Help Consumers Find Cheapest Home Energy Prices

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Commenting on the Which? survey, Love Energy Savings can help consumers find the cheapest home energy tariff.

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Love Energy Savings can reduce you home energy prices by up to £270 per year

we’ve designed our comparison engine to be as simple as possible so everyone can... find the cheapest home energy tariff available.

Using Ofgem’s ‘tariff comparison rate’ (TCR) over seven out of ten consumers failed to find the cheapest home energy suppler, the May 2013 Which? consumer survey has revealed.1

The TCR is designed to allow consumers to easily compare home energy prices in order to find the best rates.

The watchdog is advocating single unit pricing, the same as petrol tarrifs. Ofgem, the energy regulator said in a June 2nd press release that the results of the survey were “misleading.”2

Energy Secretary Ed Davey recently said homes should switch energy suppliers to make sure they're on the best rates.

The survey was carried out with more than 2000 adults, 65% of whom preferred the single unit pricing system, while only 10% preferred the TCR.

The survey also found 55% of people had never compared their home energy rates and only 24% of people had switched supplier within the last two years. 57% of people could not find their energy bill at all.

Ofgem’s reforms may not be addressing the needs of the market; Jonathon Stead, Marketing Executive at Love Energy Savings said he was shocked by the results: “Clearly there are a lot of people who are put off getting involved in the energy market."

He said: "We've designed our comparison engine to be as simple as possible so everyone can quickly and easily find the cheapest home energy tariff available.”

"By comparing with Love Energy Savings, households could save up to £270 per year, probably more if they have not compared their prices before.”

Mr. Stead also said that Love Energy Savings can help the 57% of people who didn’t know where their energy bill was, as their home energy comparison engine allows households to compare prices based on their annual spend or property size.

To find the cheapest home energy prices visit http://www.loveenergysavings.com/home-energy.

1- which.co.uk/news/2013/06/governments-simpler-energy-tariffs-leave-consumers-confused-321397/
2- ofgem.gov.uk/Pages/MoreInformation.aspx?file=which%20tariff%20statement.pdf&refer=Media/PressRel

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