While EnergyWatch and Ofgem may now be looking into the issue of pricing and competition within the energy market, I’m fairly confident in saying that any actions or repercussions’ will be a long time in coming. There are undoubtedly some very serious questions to be asked and to be answered but I wouldn't want to be holding my breath while they are. In the meantime there isn't much a consumer can do but prepare for the worst ... While we wait for these changes if any, it is extremely important for consumers to look around and begin to secure themselves better pricing.
Indicators can already be seen in the market, suppliers (such as BG, SSE and EDF) withdrawing their capped price plans, replacing them with higher priced versions... its now no longer a matter of *IF* but WHEN prices rise again. It time to look at the tariffs your on, look at capped prices and work out how much of an increase your price plan can withstand while offering a saving, and then weigh this up with the chances of further price rises.
Is that online product going to be saving you money versus a capped plan if prices rise by 10%, how about 15% what about 20%? I would wager for a vast majority of consumers an increase now of 1-2% (versus a standard tariff) for the next few months will be far far manageable than an increase of over 10% thereafter?
Of course while taking these capped prices consumers should also prepare themselves for "price shock" as when you capped plan expires you will either revert to the standard prices available at that time or the latest available capped price tariff. Either way the difference in price and cost will be dramatic in comparison. PREPARE FOR IT EARLY SO YOU DON'T GET CAUGHT OUT.