"For too long customers have been ripped off by the Big Six. The CMA has shown that Big Six market power over disengaged customers has allowed them to exploit this position through their pricing. " - Darren Braham, Founder and CFO, First Utility.
London, UK (PRWEB UK) 7 July 2015
First Utility, the UK’s largest independent energy provider, welcomes the CMA preliminary findings on the retail energy market, and hopes it delivers the seismic shift the energy market needs to ensure consumers get the best deal.
Darren Braham, Founder and CFO of First Utility, said: “For too long customers have been ripped off by the Big Six. The CMA has shown that Big Six market power over disengaged customers has allowed them to exploit this position through their pricing. The CMA estimates that about £1.2bn has been overspent by UK households as a result - we’d argue it’s even higher.
“However, we think the remedies proposed simply don’t go far enough; they’ve been studying this for more than a year and they still have many open questions.
“We’ve long called for more to be done to address the lack of engagement such as showing the cheapest tariff on the market to customers on a variable tariff every month, and calling it what it is - the out of contract tariff.
“We’ll continue to work with the CMA to develop their remedies as we believe that suppliers need to work harder to engage their customers.”
About First Utility
(http://www.first-utility.com) First Utility is the UK’s fastest growing and largest independent energy supplier. It supplies gas and electricity to more than 790,000 customers throughout the UK and is committed to helping them reduce their energy bills by offering cheaper tariffs, helping customers use less energy through the use of innovative technology and campaigning for industry change. First Utility also donates 1% of its profits each year to the First Utility Foundation, an independent charitable organisation with a goal to improve the lives of vulnerable families and individuals across the UK