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Energy bill summary sought by MPs to help customers make informed energy choices

Written on:December 20, 2023
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MP Tim Yeo (extreme right) has said most consumers aren’t aware of the way to interpret their energy bills

Energy bill breakdown is being sought by MPs, who are demanding that energy firms like British Gas, nPower be compelled to inform every customer what percentage of their energy bills will contribute to the energy supplier’s profits. This demand for an energy bill breakdown has been made by the cross-party Energy and Climate Change Committee.

The aforesaid committee has demanded that householders be provided with an energy breakdown of their gas and electricity bills. The demand of the committee, if implemented, would result in yearly statements provided by energy companies, which will consist of details of their operational costs, wholesale prices and profitability.

Energy firms will also have to provide annual statements, which demonstrate the firms’ contributions to environmental taxes, the prices of smart meters and investments.

Members of the Energy and Climate Change Committee have remarked that this kind of revamp of the energy market will lead to customers being better informed and enable competitiveness to improve in the energy market, which has been subjected to denunciation lately.

There are apprehensions that the energy customers are shelling out more cash than they need to because of the baffling array of energy tariffs available. The Coalition recently expressed plans to streamline the energy tariff options and compel energy firms to present to their customers the most inexpensive deal.

Conservative MP Tim Yeo, the chairman of the aforementioned committee, has voiced that recent reports of wholesale ‘energy price fixing’ had reemphasised the need for more clearness in the energy market. As per Tim Yeo, most consumers aren’t conscious of the ways to interpret their energy bills and, thus, postpone switching suppliers.

The Conservative MP has also expressed that faith in the energy market is meager currently as consumers don’t possess accurate data to make intelligent energy choices. Also, Tim Yeo has proclaimed that the Coalition should adopt measures to heighten competitiveness in the energy marketplace. New energy firms should find it easier to join the marketplace.

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