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Renewal letter window

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Renewal letter window

Renewal letter window

Renewal letter window – Be aware of the renewal letter window period for termination (For example: “if you wish to terminate your electricity or gas contract you must contact us in writing no sooner than 120 days and no later than 90 days before the anniversary of the contract signing date”) If you opt out during the renewal period no charges are applied. If notice is not given for cancellation, you will be automatically signed up for another year or agreed duration. The Renewal Letter will also state when you will need to tell you current supplier you wish to leave them Renewal is a large issue at present, Energy4 is here to help. Previously Energy4 has notified OfGem of Utility malpractice, and will continue to do so.
  • Ofgem found 18 suppliers failed to correctly protect customers’ tariff prices when they decided to switch supplier or tariff
  • Over 1 million customers were overcharged over £7.2 million for the failings
  • Collectively, the suppliers are issuing refunds and redress payments worth £10.4 million
Energy regulator Ofgem found 18 suppliers did not adhere to price protection rules, which protect a customer’s tariff price when they decide to either switch suppliers or tariffs after a price increase. Several of the suppliers self-reported the issue to Ofgem. All suppliers were then requested to self-assess their practices, which revealed that 18 suppliers were not compliant between 2013-2020. In total, over 1 million customers were overcharged over £7.2 million. The customers affected included:
  • those on a standard variable tariff who switched to another supplier but did not have their variable tariff price protected during the switch,
  • customers on a fixed-term tariff who switched to another supplier but did not have their fixed term tariff protected during the switch, and
  • customers on a fixed-term tariff who moved to another tariff with their supplier but did not have their fixed-term tariff protected during the switch.
Most of the failures were down to suppliers not having adequate arrangements in place to make sure the protections were applied in full when customers decided to switch. The suppliers have since agreed to refund all affected customers, and in some cases make goodwill payments, to the tune of £10.4 million. Where it has not been possible to process refunds, the suppliers have agreed to make payments to the energy redress fund. Ofgem made clear to suppliers that customers’ tariffs are protected while either switching suppliers or tariffs and they need to ensure their systems, processes and practices are fit for purpose. Ofgem expects all suppliers to ensure that they comply with these requirements and if further non-compliance is identified, Ofgem will be likely to take formal action. Anna Rossington, interim director of retail at Ofgem said: “Customers should have confidence in switching and not be overcharged when doing so. This case sends a strong message to all suppliers that Ofgem will intervene where customers are overcharged and ensure that no supplier benefits from non-compliance. “It also shows that, where appropriate, Ofgem is prepared to work with suppliers who have failed to comply with the rules, but who are willing to self-report issues and put things right for their customers.” Further information Further information 2 Contact Energy4 today for further information Location: 25 Hartley Meadow, Whitchurch, Hampshire, RG28 7BW Opening Hours: 8:00 – 17:00 Mon to Sat To discuss further, please contact Energy4 Telephone: Call us on 01642 888814 & 01642 888816 Email: contact@energy4.co.uk Please provide the best date and time of day that we should contact you Click here to contact Energy4 today Contact Energy4 today for further information business electricity business gas
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