Simpler energy tariffs on the horizon

Gas and electricity providers are to be forced to introduce simple tariffs, clearer bills and annual statements under radical reforms proposed by Ofgem.

The aim of the proposals is to enable all consumers to compare prices easily and allow those seeking more innovative tariffs to be free to choose them.

Consumers wanting a no frills tariff will get a simple unit price and a fixed standing charge which will be set by Ofgem.

The announcement comes at the same time that the regulator revealed profit margins at energy firms had risen to £125 per customer per year, up from £15 in June.

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