A fairer deal for UK households: ENGIE welcomes energy regulator decision to end requirement for Standard Variable Tariffs at the end of contracts

ENGIE, the first UK energy provider to commit to rolling customers on to its cheapest tariff, has welcomed today’s announcement by the energy regulator to end the requirement for energy providers to move customers onto standard variable tariffs at the end of their contracts.

ENGIE launched its home energy business in May with a pledge to automatically move its customers onto its cheapest available tariff when their fixed plan ends, with no exit fees if customers then decide to change supplier. It is the largest company to enter the UK home energy market for 15 years and has signalled its intention to offer a new kind of energy.

Until now, under the terms of the Ofgem licence, ENGIE has only been able to roll customers onto a variable rate and has been working with the regulator over the summer to extend the benefit to UK households by enabling them to roll onto the cheapest ENGIE fixed term deal available to them.

Wilfrid Petrie, CEO of ENGIE UK & Ireland, said:

"Until now Ofgem has required energy providers to move their customers onto standard variable tariffs as a default – this is so that customers are not locked in and to make the switching process easier.

However, unfortunately more often than not these SVTs are expensive and do not offer good value to households. Our own research has shown that switching rates are still worryingly low so we believe the onus should be on energy companies – not customers – to ensure they are providing value for money.

Today’s decision means that all ENGIE customers will now automatically be rolled on to a fixed term tariff at the end of their contract, giving them peace of mind that their bills will be competitive, clear and predictable - with no penalty if they choose to switch supplier."

ENGIE will immediately implement Ofgem’s statutory change and roll customers onto the cheapest ENGIE fixed term deal available to them, with no exit fee.

For full details of all available ENGIE home energy products, please visit: home.engie.co.uk.

About ENGIE

ENGIE is a leading energy and services Group employing 17,000 people in the UK across three main areas: generation and supply of energy, management of facilities and regeneration of places and communities.

ENGIE is using its capabilities to lead the UK’s transition towards a more secure and sustainable future, through a strategy based on investment in critical energy infrastructure, integration of its energy expertise with its broad services offer, and innovation in customer-led solutions and technologies. The business has well-established and diverse operations as a major UK power generator, providing power and gas to thousands of UK homes and businesses, transforming neighbourhoods through regeneration, and delivering services to more than 14,000 customer sites across the public and private sector.

Globally, ENGIE is committed to taking on the major challenges of the energy revolution, towards a world more decarbonised, decentralised and digitalised. The Group employs 150,000 people worldwide and achieved revenues of €66.6 billion in 2016.

www.engie.co.uk

Enquiries

ENGIE :                                                                      

Sally McPartlin - sally.mcpartlin@engie.com             

Niel Scott - niel.scott@engie.com

 

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