Energy companies must give at least 30 days notice before increasing their energy prices according to the industry regulator, Ofgem.
The changes included are as follows;
- Ofgem confirms household energy suppliers must give customers at least 30days notification of price increases
- New rule also means that consumers must have 30 days advance notice of any change in their contract which leaves them significantly worse off
- Advance notification of price increases builds on Ofgem’s proposed reforms which aim to sweep away complexity in energy pricing
These changes are a welcomed relief to people struggling with debt. Many people who have found it hard to manage their money will now have the option to move their energy supplier before price increases.