Martin Lewis has issued a warning to UK households who face “outrageous” charges amid “dying energy competition”.
The consumer champion branded the charges the “final nail in the coffin” as Brits prepare for further increases to their energy bills in October.
Amid the threat of cost rising further, Mr Lewis fumed: “These massive, outrageous early exit fees are the final nail in the coffin of dying energy competition. Many people are trying to decide whether to fix or not at the moment.
“That no longer means going cheaper, it’s about whether you should pay more now, to forestall the huge rise likely coming in October.”
The cash-saving guru blamed the “lack of transparency and visibility” for the situation and added: “It’s a pig’s ear and the regulator needs to intervene to change things.”
EDF Energy explains the reason for price hikes
An EDF spokesperson said: “These are extraordinary times for the energy retail market and every energy supplier is having to make changes to reflect the current market conditions, which are extremely volatile.
“This includes revising tariffs and exit fees to ensure they cover the higher cost of buying energy in advance for our customers and protecting us as a business should customers choose to leave the tariff.”
Ofgem, the industry regulator responsible for energy price cap said: “We fully expect suppliers to make sure charges are fair and equitable and rules are clear that termination fees are allowed but should be proportionate.”
A message from the Editor
Thank you for reading this article – we appreciate your support in reading the Daily Echo.
Subscribing to the Echo means you have unrestricted access to the latest news, features and Saints coverage – all with an advertising-light website.
You will also have full access to Saintsplusyour new home for Southampton FC tactical analysis, features and much, much more.
Don’t take my word for it – subscribe here to see for yourself.
Follow the latest breaking news in the Southampton area by joining our Facebook group – Southampton News – Breaking News and Incidents
Original Article reposted fromSource link
Disclaimer: The website autopost contents from credible news sources and we are not the original creators. If we Have added some content that belongs to you or your organization by mistake, We are sorry for that. We apologize for that and assure you that this won’t be repeated in future. If you are the rightful owner of the content used in our Website, please mail us with your Name, Organization Name, Contact Details, Copyright infringing URL and Copyright Proof (URL or Legal Document) aT spacksdigital @ gmail.com
I assure you that, I will remove the infringing content Within 48 Hours.