[meldrewreborn]

Statutory Consultation on the Future of the Ban on Acquisition-only Tariffs (“BAT”) (ofgem.gov.uk)

I've said before that there used to be much more competition in the energy supply market. Part of the reason for the lack of competitive tariffs to switch to is down to the demise of the smaller energy companies, but another reason is the OFGEM ban on Acquisition-only tariffs which came in 2 years ago. At the time this was seen as a way of helping to stabilise the market in the face of unprecedented wholesale price increases. But it was also intended to be temporary.

So it will end eventually - but will it end from October 2024? It might - if so we can look forward to suppliers offering good fixed deals through price comparison sites - something that is virtually non existent at present.

[Han_EONNext]

Morning @meldrewreborn I thought it wouldn't be long before one of you got your hands on it! I was reading the same thing yesterday 🤓 .

I have no idea really, ofgem are implying it will happen - but then you just never know! I think the market reopening will be a good thing. It's always a good thing to have choice 🤷‍♀️ do you reckon you'll shop around? I'll have to really think if I want to fix after my tariff runs out

[meldrewreborn]

@Han_EONNext

in the past I’ve switched between suppliers continually, seeking out new deals using energylinx to find tariffs as it allow me to look at the whole market and crucially separate gas deals and electricity deals. My firm view is that dual fuel deals have not given the best deals, particularly when there were a few “gas only” suppliers around.
I’ve found in the past that some people are really reluctant to switch their energy supplier or to take up a fixed deal. But I’m a firm believer in competition and recognise that it’s switchers that keep suppliers on their toes.

But the energy industry is not alone - the same applies to insurance, mobiles, broadband, TV etc, loyalty to a supplier is not rewarded and those who don’t switch around are often exploited.

[Han_EONNext]

I like your action plan, I think if the market re-opens then I'll give bouncing around a go 😊 .

I don't know about you, but I feel like everything I take out has an exit fee - so I can't chop and change as easily. If I was to switch my broadband (VM) I would have to pay my total upfront 👎

[meldrewreborn]

@Han_EONNext

agreed that exit fees have to be factored in, although probably best avoided. The length of the contract and the general outlook for prices also need to be factored in.
one thing I generally do not factor in is customer service. I think that it’s unlikely to materially affect me, and can generally effectively complain to get things put right. And I’ve plenty of time available.
Price is clearly important but not the only factor I consider.