This is the name we gave to the prepayment price cap when we extended it to 1 million vulnerable households who receive the government’s Warm Home Discount in 2017. This is to reflect the fact that this price cap specifically covered some vulnerable customers. Since these Warm Home Discount customers will be covered by the default tariff price cap from 1 January 2019, this price cap will revert to being called the 'prepayment price cap'.
Industry regulation without our binding licence conditions or rules contained in legislation. However, if self regulation is not operating as we would hope, licence conditions may be introduced.
A prompt to consumers that they can consider switching tariff or supplier.
Suppliers which operate in the domestic gas and electricity market but do not hold significant market share. This can refer to all suppliers other than the Big 6
Smart meters are the new range of gas and electricity meters which the government wants installed in all households and businesses in Britain by 2020.
Through a display in your home, they give you almost immediate information on your energy use easily explained in pounds and pence. This means you can better manage what you are using and when, which could help you to save money and reduce emissions.
Smart meters will also bring an end to estimated billing. They can communicate directly with your energy supplier in near real-time. So you won't need to wait for someone to come and read your meter, and your bills will only be based on what you've used.
We want to make sure innovation helps consumers. So we're supporting the transition to smart meters as one of number of activities in our Smarter Markets Programme.
When you pay after getting a bill rather than by a direct debit or prepayment meter arrangement. You might do this once a month or quarter. You usually have to pay within 28 days.
The legally binding conditions that licensed gas and electricity suppliers must meet to supply to domestic and non-domestic customers, in accordance with the Gas Act (1986) and Electricity Act (1989).
A standard variable tariff (SVT) is a supply contract with an indefinite length that does not have a fixed-term applying to the terms and conditions. It’s an energy supplier’s basic offer. If a customer does not choose a specific energy plan, for example after their fixed tariff ends, they are moved to an SVT until they choose a new one. A customer can also make an active choice to select an SVT.
The costs incurred by customers in finding and switching supplier. Switching costs are classified into a variety of categories, including: transaction costs, contractual costs, uncertainty costs, psychological costs, shopping costs and search costs. In addition to the above, firms can also incur costs when customers switch supplier.
An online comparison and switching service that helps consumers to compare prices on a range of products and services.
The period in which a consumer is eligible to switch supplier, in response to an End of Contract Notification, in which they will not be subject to any Termination Fees or be required to notify their supplier of their intention to switch.