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Renewing your energy contract

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Renewing your energy contract

Renewing your energy contract

Renewing your energy contract is always more expensive. Switching supplier saves about 15-30% for business owners. Contact Energy4 for further information to help your business reduce costs where possible. With renewals of existing contracts (verbal or written) there is no ‘cooling off’ period and the contract is binding immediately on your confirmation with your energy supplier. Where we might be able to help is if your contract has been automatically renewed without your confirmation. Contact us for more details about how we can submit a Notice of Termination on your behalf to ensure you’re not automatically renewed and allowed to look towards different supplier 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.” 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 Further information Further information 2 Renewing your energy contract Renewing your energy contract Renewing your energy contract business electricity business gas

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