This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-37587231
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| One man's bid to get the best energy deal | One man's bid to get the best energy deal |
| (3 days later) | |
| Peter Nadin is the model energy customer. At a time when politicians, regulators, consumer groups, and even energy companies themselves, implore gas and electricity customers to regularly switch supplier to get the best deal, Mr Nadin takes them at their word. | Peter Nadin is the model energy customer. At a time when politicians, regulators, consumer groups, and even energy companies themselves, implore gas and electricity customers to regularly switch supplier to get the best deal, Mr Nadin takes them at their word. |
| Armed with a colour-coded spreadsheet detailing his monthly consumption of energy and gas, the retired civil engineer spurns price comparison websites and rings energy suppliers direct. | Armed with a colour-coded spreadsheet detailing his monthly consumption of energy and gas, the retired civil engineer spurns price comparison websites and rings energy suppliers direct. |
| Dialling on a freephone number rather than the expensive line most companies display most prominently, he negotiates his own deal. | Dialling on a freephone number rather than the expensive line most companies display most prominently, he negotiates his own deal. |
| Every year for the past decade, shortly before his fixed term deal runs out, he scours the energy market for the cheapest tariff for the next 12 months. | Every year for the past decade, shortly before his fixed term deal runs out, he scours the energy market for the cheapest tariff for the next 12 months. |
| "At the time my mum was alive so I was doing it for two people," he tells BBC Radio 4's Money Box programme. | "At the time my mum was alive so I was doing it for two people," he tells BBC Radio 4's Money Box programme. |
| "I wanted to have a like with like comparison with all the companies so I was getting the best deal because there were some huge differences for exactly the same fuel." | "I wanted to have a like with like comparison with all the companies so I was getting the best deal because there were some huge differences for exactly the same fuel." |
| The 57-year-old, from Macclesfield in Cheshire, estimates savings of £200 to £300 a year - a personal saving of at least £2,000 in the time he has been compiling his spreadsheet. His attention to detail is impressive. | The 57-year-old, from Macclesfield in Cheshire, estimates savings of £200 to £300 a year - a personal saving of at least £2,000 in the time he has been compiling his spreadsheet. His attention to detail is impressive. |
| "In the winter I use a lot more gas than I use electricity," he says. "So it is important for me particularly to get the cheapest gas deal for the winter months." | "In the winter I use a lot more gas than I use electricity," he says. "So it is important for me particularly to get the cheapest gas deal for the winter months." |
| Most price comparison websites do not take into account seasonal use when they provide bill estimates. Mr Nadin's "hobby" of chasing down the cheapest price illustrates the difficulties most people face in playing the market like he does. | Most price comparison websites do not take into account seasonal use when they provide bill estimates. Mr Nadin's "hobby" of chasing down the cheapest price illustrates the difficulties most people face in playing the market like he does. |
| Complexity | Complexity |
| Tariffs are again increasing in number and complexity after a two-year period in which companies have been limited to offering four basic pricing structures each. For most people multi-comparisons are best done online although it is much less easy for anyone who is not confident on the internet. | Tariffs are again increasing in number and complexity after a two-year period in which companies have been limited to offering four basic pricing structures each. For most people multi-comparisons are best done online although it is much less easy for anyone who is not confident on the internet. |
| Not only that, price comparison websites may soon no longer have to show the "whole of the market" - every tariff available. Searchers may soon only see tariffs which generate a commission for the price comparison website. | Not only that, price comparison websites may soon no longer have to show the "whole of the market" - every tariff available. Searchers may soon only see tariffs which generate a commission for the price comparison website. |
| In addition, energy suppliers are already devising tariffs which are "exclusive" to new customers and new "smart-meter tariffs" are being developed with free electricity at certain times. | |
| It is also worth remembering that the cost-savings are only ever estimates - no-one can know what their actual bills will be until they know how much gas and electricity they actually use. So choosing the best package can be fiendishly difficult and is likely to get more so. | It is also worth remembering that the cost-savings are only ever estimates - no-one can know what their actual bills will be until they know how much gas and electricity they actually use. So choosing the best package can be fiendishly difficult and is likely to get more so. |
| Little wonder that two thirds of energy customers are on the most expensive tariff their suppliers offer - the so-called Standard Variable Tariff. | Little wonder that two thirds of energy customers are on the most expensive tariff their suppliers offer - the so-called Standard Variable Tariff. |
| It was this state of affairs which Prime Minister Theresa May criticised in her party conference speech this week. Unless her comments prompt action, many expert observers, including Mr Nadin, fear that energy pricing is going back to a time when the best tariff was incredibly difficult to identify - not least because most of us do not have the time, the skills or the inclination, to find out. | It was this state of affairs which Prime Minister Theresa May criticised in her party conference speech this week. Unless her comments prompt action, many expert observers, including Mr Nadin, fear that energy pricing is going back to a time when the best tariff was incredibly difficult to identify - not least because most of us do not have the time, the skills or the inclination, to find out. |
| "I always loved maths. I was an engineer in my job and I've always been fascinated by Excel spreadsheets," Mr Nadin says. | "I always loved maths. I was an engineer in my job and I've always been fascinated by Excel spreadsheets," Mr Nadin says. |
| "I don't think older people, busy people and people on lower incomes are getting a fair deal out of the energy system as a whole. | "I don't think older people, busy people and people on lower incomes are getting a fair deal out of the energy system as a whole. |
| "It's the older people who don't like the internet, who don't like paying by direct debit but they can sometimes pay 20 times what I pay for exactly the same energy coming down the pipe and cable." | "It's the older people who don't like the internet, who don't like paying by direct debit but they can sometimes pay 20 times what I pay for exactly the same energy coming down the pipe and cable." |
| He applies the same methods to his banking and currently has 19 current accounts maximising his interest-earning potential. | He applies the same methods to his banking and currently has 19 current accounts maximising his interest-earning potential. |
| You can hear the full story, including more on the energy market, on Money Box on BBC Radio 4 at 12:04 BST on Saturday, 8 October, and repeated at 21:00 on Sunday, 9 October. | You can hear the full story, including more on the energy market, on Money Box on BBC Radio 4 at 12:04 BST on Saturday, 8 October, and repeated at 21:00 on Sunday, 9 October. |