In a move set to come into effect in just five days, energy customers in the UK will be eligible for £30 compensation if their switch to a new supplier exceeds five working days, starting from 1st April.
This measure responds to a significant increase in switching rates, which by the end of October 2023 were three times higher than in November 2022, according to Ofgem statistics.
Energy suppliers will now have a shorter window of five days, instead of the previous 15 days, to facilitate the transfer process for customers switching to a new energy provider.
Failure to meet this deadline will result in a £30 compensation payout to the affected customer.
Furthermore, between 1st April and 30th June 2024, the energy price for a typical household utilising both electricity and gas and paying via direct debit will decrease to £1,690 annually.
This marks a reduction of £238 per year compared to the previous price cap set between 1st January and 31st March 2024, which stood at £1,928.
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