Ofgem consults on next-day switching reforms
Ofgem will be inviting responses to its proposed regulatory reforms on expedited switching until 3 November 2017. It is consulting on the introduction of a new Centralised Switching Service for gas and electricity. These reforms aim to provide next-day energy supplier switching for domestic energy consumers. Businesses will be able to switch in an additional working day.
This new energy standard is part of the regulator’s broader plans for a fairer, consumer-centred energy industry which is better managed and overseen. Ofgem has claimed that, should their switching proposal come to fruition, it will equate to £1 056 million in benefits and increased competition and innovation within the industry. The net benefits of the entire reform package are said to be in the realm of £169 million to £1 billion.
In light of the archaic systems currently in place, consumers can expect these harmonised and sped- up processes to become the industry standard in future. Ofgem will make its final decision in January 2018. Although no timeline has been given, it has been said that industry code modifications will take place during the course of the year, with a transition window of about three months.
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