Martin Lewis has welcomed Ofgem's "long overdue" announcement today regarding a consultation to potentially end the ban on acquisition-only energy tariffs this October. Currently, this ban stops energy suppliers from offering deals exclusively to new customers, but Ofgem believes lifting it could boost competition and lower prices in the retail energy market.
Lewis remarked: "In March, I was staggered when Ofgem told me 'there is evidence that removing the acquisition-only tariff ban would benefit consumers', but didn't remove it 'in case it was moving too quickly.' I disagreed and said we should throw the kitchen sink at getting people cheaper deals. So, this is better late than never."
"Most firms are currently happy to sit on their existing customers and profit - where once you could switch and save 30%, now it's a few percent at most. So, in reality, the Energy Price Cap, set up as a remedial backstop rate, is now pretty much the Price.", reports the Mirror.
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