New research from Which? has revealed that the gap between the average big six standard dual tariffs and the cheapest dual tariffs on the market has widened from £182 to £329 since the CMA probe began in 2014, raising concerns that the remedies proposed by the CMA will not improve the market for consumers.
Which? has urged the regulator to outline how it will evaluate the success of the proposals, including the impact on vulnerable customers who have never switched, and has asked the CMA to commit to holding a review after two years.
Which? director of policy and campaigns Alex Neill said: “It is right that the energy market has been investigated but during this time prices have continued to soar. If consumer trust is to be restored in this market then the CMA proposals must bring about real change in the energy market to benefit consumers who have been paying over the odds for gas and electricity.
“The regulator must set out how it will measure the success of its reforms and ensure they will be effectively reviewed, so that action can be taken if competition and consumer outcomes don’t improve.”
The research also showed that the number of customers switching has slightly increased, by 1.6 per cent for electricity customers, and 2 per cent for gas customers over the last two years.
The CMA investigation found low levels of switching and high numbers of customers on expensive standard tariffs were a result of a lack of competition in the market. The Authority is due to publish its final recommendations at the end of this month.