Do you trust your energy company?
For the overwhelming majority of energy customers, the answer is no, according to a new study.
Consumer group Which? has found that just one in six consumers (18%) trust energy companies to act in customers’ best interests, which is a huge blow to energy companies who are already struggling to claw back confidence lost from the rise in energy prices and poor levels of customer service.
The study results have prompted Which? to call on regulators, The Competition and Markets Authority, to implement a guideline price for retail energy suppliers. Which? believes that this would be enough to increase competition and drive down energy prices. Which?’s campaign is called Fair Energy Prices, and it calls on the CMA to take action on energy prices and set a ‘Price to Beat’. The campaign needs 20,000 consumer signatures to be effective, and at the time of writing it has 8,355. The petition is expected to be fulfilled.
Richard Lloyd, Which? executive director said: “The energy market remains at rock bottom for consumer trust. Millions of customers still don’t think they’re paying a fair price and most people find it hard to compare deals.
“Big reforms are needed to restore confidence in the industry and to guarantee fairer energy prices for consumers.
“The Competition and Markets Authority should now investigate how the independent regulator could establish a price people can trust that will spur suppliers to compete and reassure worried consumers that they’re not being ripped off.
“Meanwhile, energy companies should use simple pricing to increase confidence in the industry and boost competition by encouraging switching.”
