Simpler, clearer, fairer
On 31 March 2014
three new comparison tools were brought in to help make it easier for to compare energy deals:
- Tariff Comparison Rate
The new Tariff Comparison Rate (TCR), which is a bit like the APR for interest rates, will help you to compare tariff prices at a glance. The TCR is measured in pence per kilowatt hour (p/kWh) and based on an average energy user.
- Personal Projection
The new Personal Projection will be used to estimate what you will pay on a tariff based on your own usage or your supplier's best estimate of it. You will get a Personal Projection on your bills. It will also be used for quotes.
- Tariff Information Label
A new Tariff Information Label (TIL) will be produced for every tariff to allow customers to easily understand key facts about their tariff and compare it with others. The label will be on suppliers websites and annual summaries, and a short form on bills. Your supplier will also send you if you ask them to.
We've created an example of what the TIL will look like:
Our Retail Market Review fact sheet summarises all of the changes taking place in the energy market (PDF 800KB).
Treating Customers Fairly statement
Energy suppliers are making lots of improvements to their customer service. All suppliers have published new information on what they have done and what is in the pipeline. The links below give information on the standards to expect from each individual supplier.
Find out more on the Retail Market Review at Ofgem's website.