UK Money News
13th December 2007
Utilities firms 'should follow a code'
Consumers who are "languishing" on old gas and electricity tariffs are handing over a collective £2.5 billion unnecessarily each year, it has been claimed.
According to price comparisons site moneysupermarket.com, the problem of utilities providers not telling their customers that they are not on competitive deals is such that an equivalent of the banking code for the energy industry should be called for.
The firm states that, as nearly two-thirds of households are on a standard tariff, the average house could save £150 a year just by moving tariffs within their existing provider.
Paul Schofield, head of utilities at the price comparisons site, said: "Energy providers rarely, if ever, tell existing consumers about cheaper options, as the more expensive tariffs allow them to offset the great deals they offer.
"Allowing existing customers to languish on old tariffs is a money spinner, but it doesn't help build trust or loyalty."
In recent months the firm has observed that the cheapest utility providers vary significantly depending on the amount of energy you use.
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