Auto-switching service Switchcraft says it is now “survival of the fittest” in retail energy markets.
The energy regulator OFGEM has announced it will be significantly cutting how much energy providers can charge people on Standard Variable tariffs. Switchcraft Founder Andrew Long highlights how it’s still important to switch to find a good deal.Read more BBC Radio 4 August 7 2020
“Suppliers should use their variable tariffs as designed and pass on savings from lower wholesale prices to consumers.”Read more The Telegraph June 8 2020
Auto-switching service Switchcraft claims these deals can lock billpayers into an ‘energy-poverty trap’
Switchcraft, said: “It’s great to see Ofgem on the front foot when it comes to enforcement actions against suppliers.
Auto-switching site Switchcraft, said that with so many customers moving to suppliers and tariffs they had not chosen “the industry is in crisis and the regulator needs to step in”.
Switchcraft, added: “British Gas customers will now see £409.5 million added to their energy bills as a result of the price hike.
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Switchcraft, says: ‘There’s a real risk of further bankruptcies. It’s become so easy to set up an energy supplier that many new ones have emerged without a realistic business plan or proper funding.’
That startup idea was Switchcraft, an online service where customers enter their details once and are automatically moved to the best possible energy deal.
Andrew Long, founder of another automatic switching site – Switchcraft – said that the cap had already led to a clustering of prices.
New automated switching services will not only find you the best deal, but do the boring admin too