Energy suppliers required to simplify tariffs

Ofgem, the energy industry regulator, has announced that all energy suppliers will be required to make it easier for consumers to compare prices and find a better deal by simplifying tariffs and pricing structure.

With hundreds of tariffs to choose from and hidden pricing on energy bills, consumers have been crying out for simplicity. Ovo Energy – the newest entrant into the energy market – has been fighting the consumers’ corner since launch in September 2009.

Stephen Fitzpatrick, Ovo’s founder and managing director said: “It’s great news that Ofgem are taking this seriously. We built Ovo around making energy simple and easy to understand – with just two simple tariffs, transparent bills, and great customer service – and it’s working. We’re the UK’s newest energy supplier and customers have already voted us their favourite energy company in the latest Which? customer satisfaction survey. If other energy suppliers follow our example it will be great news for consumers.”

Ofgem findings reveal that energy suppliers’ pricing complexity has led to consumer confusion.

Fitzpatrick continues: “Trust in the energy industry is at an all time low. We firmly believe that the only way to build trust is to be open, honest and transparent with our customers.”