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Suppliers must now warn customers before raising prices, following Ofgem’s review of the energy industry.
Last week Ofgem announced their completion of a review of the energy industry and promised some changes to the way suppliers operate.
Following the announcements last week, Ofgem has published a review today requiring domestic energy suppliers to give a 30 day warning before raising their prices as part of the move to create more transparency between supplier and consumer.
Suppliers can currently wait up until 65 days after their price rises to notify customers.
Ofgem also said last week it proposed an end to rolling fixed-term contracts for commercial energy customers.
The regulator has stated that should suppliers fail to alter their mode of operations (within the next 8 weeks) they will be referred to the competition commission.
Ofgem seems keen to make the point this review will hit harder on suppliers than previous attempts to regulate the market, branding their own review a “radical” one.
The new 30 days notice rule comes into effect on April 28.
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