You are here: Home - Household Bills - News -

Consumers urged to bulk buy cheaper energy

0
Written by:
07/02/2012
UK consumers could gain access to cheaper gas and electricity by clubbing together.


Consumer group Which? Has launched a campaign called The Big Switch, urging people to sign up to a big group which energy providers would then compete to provide gas and electricity to at the most competitive possible price in a reverse auction.

Which? has teamed up with the online campaigning group 38 Degrees to launch The Big Switch, and is asking consumers to sign up by March 31st.

Executive director Richard Lloyd said: “Thousands of people tell us that they want a much better, affordable energy deal. It’s a £4 billion free kick for the energy companies if so many of us stick with their more expensive tariffs.

“The Government, regulator and energy companies have failed to move quickly enough to improve things for consumers when so many are struggling to pay their bills. That’s why we decided to launch The Big Switch. This is a completely new way to buy energy as a group. The bigger the group, the stronger our bargaining power will be.

“We are urging anyone who is angry about the state of the energy market to sign up.”

The Big Switch will be run on one day as a reverse auction, which involves energy companies submitting their lowest price per kilowatt of electricity and cubic meter of gas.

Which? said that once a deal is done , group members will be notified by either email or text message and they can then choose whether or not to accept it. There will be no commitment or obligation to sign up with the new supplier. Which will handle the swicth for those who do wish to change provider.

David Babbs, executive director of 38 Degrees, said:

“We’re all sick of gas and electricity companies ripping us off. If thousands of customers band together, we’ll have the bargaining power to do something about it.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Savers welcome ring-fencing of banks

Savers are in favour of splitting up banks into separate retail and investment arms, and want more transparency regarding where...

Close