League table to shame energy giants: Regulator's list aims to make clear if families are being ripped off by tariffs from the Big Six 

  • Many UK households are on expensive variable tariffs for their energy bills
  • Ofgem will be publishing a table to find if families are paying too much 
  • The company says it hopes when people see the savings available, they will be encouraged to switch

By Sean Poulter Consumer Affairs Editor For The Daily Mail

Published: 19:04 EST, 13 December 2016 | Updated: 20:13 EST, 13 December 2016

An official energy price league table is being published from today which claims to make clear whether families are on rip-off tariffs.

The table, approved by the Government and drawn up by the industry regulator, will show the standard variable tariff (SVT) for each of the 'big six' energy firms.

These will be compared with the deals available from the ten cheapest suppliers – clearly spelling out the difference.

Energy regulator Ofgem will be releasing a table to show if house holds are paying too much for their SVTs - standard variable tariff (stock)

The tables will show that households who are on the SVT could save £200 a year by switching to one of the cheap deals.

At the moment, more than 60 per cent of households are on expensive SVTs despite the fact they could make huge savings by switching.

That means they are paying far more for heat and light through the cold winter months than is necessary.

Ministers and the regulator Ofgem hope that once families can see the savings available, they will be encouraged to switch.

The new regime will also allow customers to access their energy usage data and share this with price comparison websites to make it easier to find a cheap tariff and then switch.

Business and Energy Secretary Greg Clark said: 'Millions of people across Britain continue to pay too much for their energy. The measures announced today are a positive step to help more people benefit from increased choice and competition.

'As the Government has made clear, where markets are not working for consumers – in energy or otherwise – we are prepared to act.'

The chief executive of Citizens Advice, Gillian Guy, said: 'This league table will lift the lid on the price difference between standard tariffs and cheaper deals, helping those customers who are currently paying over the odds for their gas and electricity identify a better rate.

Ofgem says it hopes that if people see how much they could be saving on their tariffs that they will be more likely to switch

'We’d also like to see energy companies do more off their own back to help customers who are on a low income, like moving them to a cheaper deal.'

Head of Regulation at price comparison website uSwitch.com, Richard Neudegg, said: ‘This could be the wake-up call consumers need. Two thirds are needlessly overpaying for their energy by almost £200 a year. Anything that helps people take advantage of competition in the market is to be welcomed.

'While a league table of prices based on average energy use will be helpful, households should always run a personalised comparison, based on their own usage and location, to find the best deal for them.

'Making it easier for consumers to access their own consumption data will help them cut through complex bills and find a better deal more effectively.

'Competition is key to making the market work better for consumers, lowering bills and improving service.'

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