UK energy suppliers will face new financial stress tests from January as part of a series of plans from the industry regulator to boost the sector’s resilience after rocketing market prices for gas and electricity caused dozens to collapse.

Ofgem will test providers against a range of scenarios and set an improvement plan for companies showing signs of financial weakness that could put their energy customers at risk.

The regulator also plans to toughen existing financial rules for suppliers and introduce new conditions by the spring 2022, which could include checks on senior energy company directors.

 
 
 
In some cases, Ofgem may bar a provider from taking on new accounts before reaching certain milestones, such as 50,000 and 200,000 customers, until it is satisfied that they are financially resilient and stable.
 

If you’re already with the cheapest energy supplier in your area, you’ll find out immediately and there will be no need to switch. The only thing that you will have to do is make sure you are on there cheapest tariff.

As soon as you’ve filled your postcode in and answered a few questions, which literally takes a few minutes, you’ll see a list of all the cheap energy suppliers in your area. This will also include how much you can save with each energy supplier when you make the switch online. You can then go ahead and choose the best energy supplier that offers you the most savings and we will send you an email to confirm the switch. The details are processed and forwarded to the supplier. The supplier will contact you to confirm the date on which your new service will commence. You will have to take a meter reading on this date, to ensure you’re not billed twice for the same energy.

 

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