Ofgem Responds to Falling Consumer Confidence

Ofgem Responds to Falling Consumer Confidence

Npower recorded the lowest score for the third consecutive year, with a 31 percent vote of confidence. The next five were British Gas (39 percent), SSE (41percent), Scottish Power (41percent), EDF Energy (44percent), and E.ON (45percent).

The Office of the Gas and Electricity Markets (Ofgem) acknowledged the public’s dissatisfaction. “Our own research shows that many consumers were not satisfied with the energy market and that they were confused by the sheer number and complexity of tariffs on offer. This is why Ofgem started to implement reforms for a simpler, clearer, fairer energy market last summer.”

The reforms are scheduled to be fully implemented by summer 2014.

Ofgem adds: “These are the biggest changes to the energy retail market since competition began. They will increase competitive pressure on suppliers, and make sure that consumers find it easier to pick out the best deal for them. The enforceable standards of conduct we have put in place as part of these reforms also mean that suppliers must treat consumers fairly.

It is up to suppliers to build on our reforms to restore consumer confidence in the energy market.”

Ofgem also announced plans to carry out a market competition assessment that will be complete by the end of March, noting, “The review will consider evidence on the level of profits in different parts of the supply chain.”




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