3 million kilowatt hours? You’re Joking!
Finally, the first step to energy market reforms has begun. Ofgem, the energy regulator, has come up with new ways to make the world of energy ‘simpler, cleaner and fairer’ for the likes of you and I.
To me, it seems a pretty poor state of affairs when energy companies need to be told how to run their businesses. However, I’ve been on the receiving end of enough jargon filled bills to welcome the change.
Under the new regulations, energy companies must ensure that they compete all operations in a ‘fair, honest and transparent manner’ at all times. They must also provide clear and concise information to customers, using jargon free language which is easy to understand. Finally, energy companies must make it easy for customers to contact them in the event of a complaint or problem.
If energy companies fail to adhere to the new rules, Ofgem has the power to levy a fine of up to 10% of a supplier’s annual turnover.
Ofgems’ plans will take a while to implement due to the complex changes with energy suppliers licenses, but the full process should reach completion by the end of June 2014.
While I certainly welcome this change, it’s not going to bring the cost of my energy down – prices have risen by 30% in the last three years. So it looks like I’ll still be cold this winter – but at least I will have a bill I can understand.