Held to ransom

Getting tough with the ‘Big Six’

THE SO-CALLED ‘Big Six’ energy companies only have themselves to blame for the proposed price cap that has been finally unveiled by Ministers nearly six months after Theresa May made her intentions clear.

They have proved to be the most reluctant of reformers, unwilling or unable to put customers on the most suitable tariff and taking advantage of those householders who still believe in the old-fashioned virtue of loyalty.

For, while many older consumers do now exercise their right to switch energy providers, the plethora of tariff options make it incredibly complex for many to be able to directly compare deals and this, according to respected campaign groups like Saga, puts many off from even trying to switch.

Given that the proposed law would allow industry regulator Ofgem to limit tariffs until 2020, with an option to extend the camp annually until 2023, the major gas and electricity suppliers know what they have to do – show they’re worthy of the trust of consumers or face the prospect of even more draconian legislation in the future.

Yet they also have social obligations to society. As the so-called ‘Beast from the East’ bites and Britain shivers, these firms should being doing far more to help the most vulnerable OAPs to better insulate their homes so they don’t have to choose between eating or heating.

Having put their profits for too long, it’s up to the energy industry to win back credibility – and for the Government to stand up for consumers while, at the same time, working with the private sector to ensure that the country’s future needs are met and not held to ransom by the ‘Big Six’.