Doing nothing costs you money. The Competition and Markets Authority (CMA) discovered this, as part of its investigation into the energy market: it’s not working for all energy consumers.
This is because the people who stick with the same energy supplier year after year end up paying more than those who switch – collectively, £1.4bn per year more in fact, according to the CMA.
The CMA decided that one way to fix this was to create a service allowing suppliers to get in touch with you offering better deals. This will consist of a database to share information with energy suppliers run by Ofgem.
If you have been on an expensive standard variable tariff for over three years, rival suppliers to your current one will be able to offer you personalised deals that save you money. Ofgem is really strict about making sure they don’t bombard you with marketing, but instead make it easy for you to see how much money you could save.