The Competition and Markets Authority (CMA) have been investigating the supply and acquisition of energy in Great Britain.
Today (24th June 2016) they released their report.
Peter Haigh, MD of Bristol Energy, said in response to the CMA Energy Market Investigation report:
“The CMA report has highlighted the fact that many customers have been paying too much for their energy for too long. Therefore we are pleased to see the recommendations made to both encourage competition in the market and drive innovation, both of which will mean cheaper energy bills for customers.
“And there are big savings to be had.
“Whilst the energy sector is changing – with 1 in 6 people who switch now choosing an independent supplier – the gap between the most expensive and the cheapest tariff is still over £300.
“The cap on pay-as-you-go or pre-payment tariffs will help to support the most vulnerable customers. Pay-as-you-go customers are disproportionately on low incomes, with more than 60% of pre-payment meters installed due to debt. We also welcome the removal of the four tariff rule, allowing electricity and gas companies like Bristol Energy to be innovative, and give our customers more choice.
“Paying your energy bills is not a luxury.
“We now urge the CMA and the Government to keep promoting the benefits of switching. We must end the reliance on the Big Six and prevent customers overpaying for what is an essential commodity.
“The energy sector needs to change and Bristol Energy can be a part of that movement.
“We are committed to offering our customers energy at a fair price. And our profits won’t make private shareholders richer, instead they will be reinvested into Bristol – helping to support our founding city.”