The energy regulator Ofgem have decided to introduce tighter rules for energy suppliers when it comes to debit payments. The energy regulator has found that some suppliers seem to be taking a liberty with customers accumulated credit, therefore a tightening of the rules will ensure credit balances do not become excessive.
Ofgem have also stated that they want to introduce plans to protect customers credit balances when suppliers fail to ensure that extra costs are not picked up by consumers. This comes after lasts year’s disaster where over 30 suppliers failed leaving higher financial burdens on their customers.
When so many energy companies collapsed last year the cost of moving customers to a new supplier as well as buying extra supplies at a short notice left prices at a record high, the added repayment of replacing lost customer credits put a lot of pressure on the energy regulators. This new plan would mean that suppliers must protect customers money if they go bust meaning consumers do not face an extra payment burden.
This proposal is part of Ofgem’s plan to curb energy failures and making sure energy suppliers are financially fit to run.
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