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Academic Report: U.K. Retail Energy Price Cap Has "Destroyed" Competitive Market For Consumers
August 07,2019 A new study from academics at the University of Warwick and the University of Exeter in the U.K. concludes that the U.K. default price cap will leave consumers worse off, especially vulnerable people less likely to switch tariffs. "Ofgem believed a price cap would protect consumers who didn’t regularly switch providers to get better deals from being exploited. Although this maximum price has been reduced today, previously it has had to be raised and almost all suppliers are basing their prices at the same level of the cap," the researchers say The researchers favor instead regulating the renewal process, rather than having a price cap "Regulating the renewal process would mean suppliers would have to contact the customer to tell them they should move to a different – and if necessary cheaper - contract. The regulator would support vulnerable customers by referring them to social services or by placing them on a pre-payment meter," the researchers said "It is right that the regulator should protect the most vulnerable. But it would have been better to regulate the way people renew their contracts with their energy supplier, so the regulator or another body could step in and help them when it’s clear they are paying too much money. This could involve moving them to pre-payment meters, which would have a price cap," said Dr Timothy Dodsworth, from the University of Exeter Law School, See more details on the report here
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