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Energy customers could save £260 without switching, says Ofgem Energy customers could save £260 without switching, says Ofgem
(about 1 hour later)
Millions of energy customers could save hundreds of pounds a year on their energy bills without even switching supplier, according to the regulator Ofgem.Millions of energy customers could save hundreds of pounds a year on their energy bills without even switching supplier, according to the regulator Ofgem.
More than 1.7 million Npower customers could save £261 a year, simply by moving to another Npower tariff.More than 1.7 million Npower customers could save £261 a year, simply by moving to another Npower tariff.
As many as 6.6 million British Gas customers could save £129 a year, according to Ofgem.As many as 6.6 million British Gas customers could save £129 a year, according to Ofgem.
However British Gas says it has changed its prices, so the saving is now £43.However British Gas says it has changed its prices, so the saving is now £43.
The figures also reveal that SSE has the most customers on expensive standard variable rates. The figures also reveal that SSE has practically all of its customers on the most expensive form of tariff.
SSE has 91% of its customers on standard variable tariffs, compared to just 9% at First Utility, according to Ofgem. 91% of SSE customers are on standard variable tariffs, compared to just 9% at First Utility.
The number of people stuck on standard tariffs is controversial, as fixed-rate deals are cheaper.The number of people stuck on standard tariffs is controversial, as fixed-rate deals are cheaper.
In the UK as a whole, 66% of households are on standard tariffs.In the UK as a whole, 66% of households are on standard tariffs.
However Npower said that customers were unlikely to be able to save £261, as fixed-price deals were usually limited to a certain number of customers.
Once a certain number of people have signed up, the deal is withdrawn.
'Increased choice''Increased choice'
Last month, the business and energy secretary, Greg Clark, met energy suppliers, amid claims that some of them were making large profits from customers who are on standard variable tariffs.Last month, the business and energy secretary, Greg Clark, met energy suppliers, amid claims that some of them were making large profits from customers who are on standard variable tariffs.
The industry denied profiteering. The industry denied profiteering, but has nevertheless come under pressure to reduce its prices for standard tariffs.
As a result, the government ordered Ofgem to publish the comparison table, to make energy tariffs more transparent. Three of the biggest suppliers have frozen their tariffs through the winter as a result.
Nevertheless Ofgem published its comparison table to highlight the difference between the cheapest ands most expensive tariffs.
"Millions of people across Britain continue to pay too much for their energy," said Mr Clark."Millions of people across Britain continue to pay too much for their energy," said Mr Clark.
"The measures announced today are a positive step to help more people benefit from increased choice and competition.""The measures announced today are a positive step to help more people benefit from increased choice and competition."
Citizens Advice said the new table would help customers, but that energy firms could still do more to help.Citizens Advice said the new table would help customers, but that energy firms could still do more to help.
"We'd like to see energy companies do more off their own back to help customers who are on a low income, like moving them to a cheaper deal," said Gillian Guy, the chief executive of Citizens Advice."We'd like to see energy companies do more off their own back to help customers who are on a low income, like moving them to a cheaper deal," said Gillian Guy, the chief executive of Citizens Advice.