Why we’re backing an energy price cap.

If you’ve been keeping an eye on the election recently, you may have heard about the Conservative party’s pledge to cap energy prices if they win the vote on the 8th June.

Plans originally laid out by MP John Penrose called for a maximum 6% price differentiation between a supplier’s cheapest tariff and what is known as a standard variable tariff.

At Fischer Energy we think that this is the best way to stop the Big Six and other suppliers overcharging loyal customers who can be paying over £400 more than others.

Our founder Keith Bastian spoke to John and told him,

“The Big Six have been ripping off their most loyal customers for years, and it is clear that something needs to be done. These companies have had the chance to sort these issues out and have proved time-and-time again that they can’t be trusted. The relative price cap is the best way to bring about the change hard-pressed energy customers so desperately need.”

Fischer Energy was set up to introduce fairness into the energy market and we are pleased that the government are finally doing something to protect customers from greedy profit-driven companies, out to exploit their most loyal customers.

Not everyone is so thrilled by the news. Unsurprisingly, it’s the Big Six who have spoken out against the proposals.

With British Gas set to see profits fall by £400m a year, their chief executive claims that the plans would “reduce competition and choice, stifle innovation and potentially impact customer service.”

The fact of the matter however, is that millions of UK households would be better off with a 6% cap.

Over two-thirds of households have never switched energy supplier.

Some people may not be aware they can, some will be unaware that they are paying far higher prices, many of us have very busy lives and just don’t have the time to think about switching energy supplier. It is these people who are often left on the most expensive tariffs, and it is these people who have been exploited by energy companies for many years, swelling profits, whilst paying-out huge dividends to shareholders!

It has to stop.

Here at Fischer Energy, we are keeping our fingers crossed that these proposals pass the legislative processes needed to implement a relative price cap.

It will make a tangible difference to millions of people in the UK struggling with expensive energy bills and finally put the customer first.

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