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UK households could be owed £65 payout from energy suppliers. (PA/Canva) An average of £65 could be owed to households in the UK under new proposals limiting the amount of customer credit energy suppliers can hold. Ofgem, the regulatory body for energy suppliers in the UK, is consulting on plans to stop firms from holding on to customers’ money when not necessary. The move comes as findings saw as much as £1.4 billion in surplus credit was held in company accounts in October 2018. Customers who pay by fixed direct debit pay the same amount each month based on their estimated co...

Last modified on Wed 17 Mar 2021 09.43 EDT The energy regulator could soon call on suppliers to hand £1.4bn in customer credit back to households in Great Britain under plans to stop energy companies from holding on to customer credit balances. Ofgem is concerned that some suppliers may be using customers’ surplus credit balances – which tend to build up over the summer when bills are lower – to fund otherwise unsustainable business practices. Under the proposed rules, suppliers will need to “auto-return” the extra credit to their customers every year on the anniversary of joining ...

UK households could be owed £65 payout from energy suppliers. (PA/Canva) An average of £65 could be owed to households in the UK under new proposals limiting the amount of customer credit energy suppliers can hold. Ofgem, the regulatory body for energy suppliers in the UK, is consulting on plans to stop firms from holding on to customers’ money when not necessary. The move comes as findings saw as much as £1.4 billion in surplus credit was held in company accounts in October 2018. Customers who pay by fixed direct debit pay the same amount each month based on their estimated co...

UK households could be owed £65 payout from energy suppliers. (PA/Canva) An average of £65 could be owed to households in the UK under new proposals limiting the amount of customer credit energy suppliers can hold. Ofgem, the regulatory body for energy suppliers in the UK, is consulting on plans to stop firms from holding on to customers’ money when not necessary. The move comes as findings saw as much as £1.4 billion in surplus credit was held in company accounts in October 2018. Customers who pay by fixed direct debit pay the same amount each month based on their estimated co...

UK households could be owed £65 payout from energy suppliers. (PA/Canva) An average of £65 could be owed to households in the UK under new proposals limiting the amount of customer credit energy suppliers can hold. Ofgem, the regulatory body for energy suppliers in the UK, is consulting on plans to stop firms from holding on to customers’ money when not necessary. The move comes as findings saw as much as £1.4 billion in surplus credit was held in company accounts in October 2018. Customers who pay by fixed direct debit pay the same amount each month based on their estimated co...