OFGEM turns down the heat on energy suppliers

Gareth Kloet, head of energy at Confused.com, comments: "Consumers have been waiting with baited breath for OFGEM to come out with a report slamming suppliers for ripping them off, but the wait continues. OFGEM's analysis actually shows the market is working, and after an aggressive start with the ‘supply probe' last year, the regulator seems to be turning lukewarm on suppliers.

"While wholesale prices are falling, oil is on the rise again. Having been stung by a volatile market last year it's unlikely we're going to see any exciting price changes, in the short-to-medium term, from energy suppliers.

"Confused.com's advice to customers is not to wait for a price cuts. It may be a long time coming and as we've already seen a lot of cuts this year, we may not see any more. The price differential between standard tariff bills and best buys is still large so consumers should feel encouraged to switch."

"But customers need to be switching via a comparison site which is accredited by Consumer Focus, to ensure that they are getting accurate and impartial advice.

"I'm very disappointed that OFGEM appears to have abandoned its recommendation of accredited comparison sites over others that are likely to be less comprehensive and may not comply with the stringent code of practice necessary to get the accreditation."