Why today’s Ofgem price cap accouncement isn’t all good news for energy customers

Following today’s price cap announcement from Ofgem (7th August) auto-switching service WeFlip is warning customers not to be fooled – even if there is a reduction in your energy bills.

Around 11 million British people are on poor value default energy tariffs. At present the average standard variable tariff is £1,254 per year, while the cheapest available tariff is £873 per year. Even with Ofgem reducing the cap on standard variable tariffs to £1,170 on 7 August 2019 this will still mean many people will be missing out on over £300 that they could save by switching.

Zoe Harris, CEO at WeFlip said:

“Whilst the energy cap announcement might be met with cheers from some the cold hard truth for customers is, in the words of Donald Trump, it’s a bad deal.

Approximately 11 million British people remain on poor value default energy tariffs so even with OfGem expected to reduce the cap on standard variable tariffs, customers are still missing out on much bigger savings.

The price cap lulls us into a false sense of security when it comes to paying for our energy. The reality is there’s a high chance you’re still paying far more than you should be.

We’re on a mission to help customers pay a fairer price through auto-switching. WeFlip knocks off £350 on average from a customer’s energy bills by finding them the cheapest suitable tariff and then we stay with them for life – automatically switching them when there’s a saving of £50 or more.

Our message on today’s announcement is clear – think price cr*p, not price cap.”

-Ends-

For further information please contact:

Lewis Davey – PR Manager

Lewis.Davey@weflip.com

Note: Additional comments available from Zoe Harris upon request