A 30% hike in homes moving supplier in 2016 supports Ofgem decision not to impose price caps but watchdog says market is still not competitive enough
The competition watchdog’s decision not to impose price caps on energy bills has received backing from new data showing that the number of gas and electricity customers switching to a different provider rose by almost 30% in 2016.
The Competition and Markets Authority (CMA) opted against wide-ranging curbs on bills last year following a two-year inquiry and instead recommended more action to encourage switching. However, the debate on price caps has resurfaced this year after a host of energy providers announced steep tariff hikes.
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