Confused.com: Ofgem review to make 'very little difference'
22 February 2010
Energy regulator Ofgem's announcement that it is to review its 65-day consultation review will make "very little difference" to consumers, it has been claimed.
Following concerns about the rule, the regulator announced that it is to review the length of the period in a bid to promote best practice among energy suppliers.
It follows certain industry commentators expressing concerns that energy suppliers can notify customers 65 days after they have changed their prices.
Gareth Kloet, head of energy at Confused.com, said: "Lack of speedy communication on the part of the supplier will not be detrimental to any household willing to act on the changes and take their business elsewhere.
"It will nevertheless be an unpalatable reminder to those who remain with the same provider on the same tariff that their loyalty can be rewarded with a price hike."
Worries about the rising cost of household energy could lead a number of homeowners to look into realising some of the potential of their property's value.
This could be achieved through an equity release plan, which can provide those who own their home with a welcome financial boost.