Industry regulator Ofgem has welcomed Which?'s new Big Switch scheme, according to an article published by Stock Market Wire.
Announced yesterday the scheme is aimed at providing consumers with a greater level of power when purchasing their energy. It allows consumers to group together to buy gas and electricity from suppliers for lower prices in a reverse auction format.
A spokesperson for Ofgem commented on the launch of the Big Switch scheme.
The spokesperson said: "We welcome Which?'s initiative on collective switching and we are part of the DECC working group looking at how it can be developed in Britain, learning from the experience of other European countries.
"Collective switching could offer customers more options on how they engage with the energy market, alongside Ofgem's proposed reforms for making the market much simpler to understand.
Speaking about Ofgem's proposals, the spokesman added: "Our proposals include simplifying the number and structure of tariffs and new rules to improve and standardise information energy suppliers send customers, for example in bills. We are also proposing tougher standards of conduct on suppliers."
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