Personal Projection: Updated thinking on the way forward
We want to make sure that domestic consumers have the necessary tools to be able to understand their current circumstances, budget effectively and to compare their current tariff with others. As part of this, we want consumers to be provided with an estimate of their annual costs that is personalised and transparent. We want consumers to be able to understand what it is and what it can be used for.
The existing methodology needs updating to reflect the wider range of tariffs that may come to market following the removal of certain restrictions on the number and structure of tariffs. We set out our intention to replace the current prescriptive approach with a set of enforceable principles in a consultation last year. This paper builds on our earlier consultation. We will use this document to inform discussions with stakeholders and develop formal proposals for a statutory consultation in the summer.