Survey finds a quarter do not feel they are paying a fair price for energy
London bill payers lack understanding of their energy bills and a quarter question their fairness, according to new research.
The survey of over 2,000 UK households, conducted by ENGIE – the largest company to enter the UK domestic energy market for over 15 years – revealed that in London:
• A quarter complain their energy company is not transparent about its pricing
• One in five don’t understand their energy bills
• One in 10 don’t know roughly how much they are paying for energy
• A quarter do not feel they are paying a fair price for energy
The findings suggest that households would like better visibility of what they are being charged by their energy suppliers and why.
Designed to offer UK households fairness and transparency of pricing, ENGIE recently launched its new Tracker tariff which is linked to the cost of wholesale energy.
In much the same way as a tracker mortgage follows the Bank of England base rate, the unit rate that ENGIE Tracker customers pay for their electricity and gas will rise and fall with wholesale energy market changes.
It comes at a time when the UK Government, energy regulator Ofgem and price comparison websites are encouraging consumers to take a more proactive approach to which energy supplier and tariff they choose.
Paul Roberts, Managing Director of ENGIE’s home energy business, commented:“It is clear to see that London bill payers are disillusioned with their energy bills. We see it as our responsibility to help change this and provide the kind of fair, clear and transparent pricing which empowers people to choose the right tariff for them.”
Under the Tracker price plan, ENGIE will update its prices every month, passing any savings on to the customer when the market falls and raising customer bills when the market rises. These prices will be based on independently produced energy price information.
Roberts added: “We feel it is important to offer a range of tariffs which account for customers’ differing priorities. For those wanting reassurance that their energy bills are being linked to the actual cost of wholesale energy – ENGIE Tracker is an ideal option.”