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CMA energy report – smarter switching needed

07 July 2015

Comparison website Gocompare.com has welcomed today’s provisional findings from the Competition and Markets Authority (CMA) as part of its investigation into the energy markets.

Caroline Lloyd, energy spokesperson at Gocompare.com, commented: “The CMA report paints a damning picture of the market, but presents few immediate solutions other than consumers taking responsibility for switching and saving.

“It is alarming that 70% of British households are still on providers’ standard variable rates despite a price war that has resulted in some of the cheapest tariffs on the market for years. It is also clear from the report that there is unlikely to be a quick fix, so it is imperative that consumers take control of their own energy requirements and secure savings by switching to a better deal.

“In the longer term, the industry needs to follow the lead of the banking sector and work towards smarter, faster switching. For example, midata has transformed the visibility around bank current account switching, allowing consumers to find and switch to accounts that reflect their actual usage and behaviour. And there’s potential to develop services that can deliver a similar step change in the energy market.”