Our roundup of the most interesting energy market stories this week:
1 – Big change in the energy markets promised by head of Ofgem
2- SMETS2 Smart Meters have arrived
3 – London not-for-profit energy supplier launched
Big change in the energy markets promised by head of Ofgem
Some strong words by Dermot Nolan in his speech to energy firms. We’re excited both by his attitude towards suppliers but also his mention of automatically switching customers’ suppliers. You can read the full speech at https://www.ofgem.gov.uk/system/files/docs/2017/10/euk_final_19.10_v2.pdf
His impassioned speech to energy suppliers featured several key points, designed to drive home the message that change is coming in the energy supplier market. A summary of his speech can be seen below:
- The energy cap will absolutely go ahead regardless of opposition from the energy suppliers. This cap is likely to last till 2023, with a focus on increasing competition in the meantime as a way of ending the cap.
- The Smart Meter roll out is a still a high priority to ensure that consumers can rationalise half hour tariffs and be offered other services (for example automated switching).
- There was a key mention of new technologies in the energy space that make for smarter switching. We’re particularly excited by this push by Ofgem for new disruptive technologies in the energy space.
- Finally Dermot talked about finding a way of automatically switching the energy provider of consumers. One proposed option was an enforced collective switch for customers to ensure they don’t go on to an SVT.
All of these recommendations are very exciting to us here at Switchd. They outline a clear strategic decision by Ofgem to help disruptive technologies like Switchd. We believe that a market where customers are automatically switched to the best deal for them is the pinnacle of what can be achieved.
We look forward to speaking more with Ofgem and helping customers be on the best energy deal, hassle free, forever.
SMETS2 Smart Meters have arrived
8 milllion SMETS1 Smart Meters have been installed. For now, these sadly stop sending meter readings when your supplier is switched. But SMETS2 Smart Meters are now here! Be sure to check which version your offered when offered a smart meter. Now bring on the tech update to get SMETS1 devices fixed.
The arrival of smart meters is going to bring a wealth of disruption in the energy space, but until now the technical implementation has been flawed. Well now SMETS2 meters are starting to be installed. However, this is not for every suppliers. Check your supplier below:
- British Gas: Expect SMETS2 in early 2018.
- EDF: No update yet on when SMETS2 will be installed.
- E.on: Expect SMETS2 in early 2018.
- Npower: Expect SMETS2 next year (not clear when)
- Scottish Power: Expect SMET2 in summer 2018.
- SSE: Expect SMETS2 in early 2018.
But what if I’ve already got a smart meter? Don’t worry, switching energy supplier only means that your smart meter won’t send meter readings to your supplier. We’d recommend switching anyway, saving yourself £100s and waiting till the end of next year when they plan to have implemented a solution for SMETS1 devices.
London not-for-profit energy supplier launched
Exciting to see more innovation in the energy market. Islington council has launched Angelic Energy as a not-for-profit supplier. Excited to bring them onto our platform to help save more money for our customers.
This is not the first time a council has launched an energy supplier. Nottingham City Council have launched Robin Hood Energy in the past to try to secure cheaper energy deals for consumers.
To us it shows the benefit of operating in a privatised energy market, where new suppliers can enter and promote greater competition and cheaper prices for consumers. Now we just need to get more people switching onto these types of tariffs.
Round up provided by Switchd.
Switchd can manage all your utility bills, keeping you on the best energy tariff automatically subject to your settings. Want to go green? We’ve got you covered. Want to avoid a certain supplier? No problem. We’ll then monitor the market daily for you and switch you hassle free when the time is right. Visit www.switchd.co.uk/?el=sfb