Ofgem receives backing of consumers to simplify tariff system

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Ofgem has revealed that is has the backing of many consumers for its planned move to simplify energy tariffs, according to an article published by Stock Market Wire.

The industry regulator's plans follow the widespread rise in prices implemented by many energy suppliers this year.

Its consumer research has found that, under the proposed simplified tariff, 85 per cent of consumers were able to locate the cheapest deal within just 30 seconds.

Under this simplified tariff, there will be a simple tariff that has one standing charge - t0 be set by Ofgem - and the unit price.

Only 44 per cent of people were able to identify the best tariff in simplified version of the current system.

Ofgem have called on all energy suppliers to work with them to help deliver the proposed system as soon as possible.

CEO at Ofgem, Buchanan stated: "Encouragingly, we are seeing that major energy companies like British Gas, E.ON and SSE are recognising the problems that Ofgem has identified and there is a growing sense of consensus forming behind the need for a simpler, more competitive energy market."

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