David Yeates

Some saying re yet another predicted energy price rise "why aren't you calling out corporate greed? " Well because it's irrelevant. An energy firms job isn't to keep our prices low, it's to make money for their shareholders (we as a nation sold them off in privatisation) As it stands its the regulator Ofgem and government who's job is to protect consumers from overly high prices. And that's where the issues lie. The price cap isn't set by firms, they aren't increasing it, its set by the regulator. It's a turgid system (that was pushed on the regulator by a past govt) and it's allowed firms to price to the max of the cap without pushing them hard enough to offer cheaper deals. I've long campaigned for change both in public, through official submissions and in private (so much so I ended up losing my rag and publically apologised for swearing in a meet with ofgem). We need a social tariff! I've long also called out excessive standing charges. Long said the market stabilisation charge (now thankfully gone) should end, as should, temporarily, the ban on acquisition only tariffs. I've said the ombudsman is too weak to enforce. I've said what makes up the price lacks transparency... the direct debit system is abused by firms to sit on too much cash... smart meter roll out is mistargeted and more. Yet of course my prime aim is to help consumers navigate this. The real excess profits aren't made by energy retailers (the regulated ones who supply us as consumers) but by the generators who aren't regulated by Ofgem (though in some cases horizontal integration means they're the same firm but they aren't legally allowed to cross subsidise). Our wholesale pricing structure has rewarded them by paying the highest price (eg gas) even when it's a far cheaper source (though that's outside my expertise area, so I don't comment much on it) The whole consumer energy market is mostly broken. We have a model based on competition but then 80% of homes are on regulated pricing, possibly the worst of both worlds. The issues are with the regulator and politicians (and govts of all colours have faded on this) to put the structures in place to protect consumers. It needs a fundamental rethink. Sadly, I don't see that happening no matter who is in govt. I won't stop pushing for change though