The official competition watchdog, the Competition & Markets Authority (CMA), wants to overhaul the gas and electricity markets to make it easier for households to switch and save money.
It points out that average customers could save £300 a year by switching to a cheaper deal. Such savings are available immediately to those who switch to a cheaper tariff today.
But, according to the CMA, says 70% of domestic users are languishing on expensive standard variable tariffs (SVTs) with the Big Six suppliers (British Gas, EDF, Eon, Npower, Scottish Power & SSE).
The CMA says customers are paying £1.7 billion a year more for energy than they would in a competitive market, which would see the Big Six and the growing number of smaller independent suppliers battling for your business with keener prices and improved customer service.
Switching makes sense
The CMA report says households could already benefit by switching tariff: "There are already plenty of competitive deals out there. What we need to do is persuade customers to take them up."