Overview

This bill mandates that energy companies in the UK must inform customers aged 75 and over of the cheapest available energy tariff annually and switch them to it upon request. The bill also requires Ofgem to assess the impact of energy pricing on this age group.

Description

Notification of Cheapest Tariff: Energy companies are legally obligated to notify customers aged 75 or older annually about the cheapest available tariff suited to their usage and payment method. Companies must switch these customers to the cheapest tariff on request. This notification is not required if the company knows the customer is under 75 or if the customer declines the information.

Ofgem's Role: The energy regulator, Ofgem, must include an assessment of the effect of energy pricing structures on over-75s in their annual report.

Act's Scope: The bill applies to England, Wales, Scotland, and Northern Ireland and will come into force two months after its passing.

Government Spending

The bill doesn't directly specify government spending. However, Ofgem's expanded reporting requirement might necessitate a small increase in their budget to conduct the necessary analysis on energy pricing for over-75s. The exact financial impact is not detailed in the bill text.

Groups Affected

Over-75s: This group will directly benefit from potentially lower energy bills by being informed about and moved to cheaper tariffs.
Energy Companies: Companies will incur administrative costs associated with notifying customers and switching them to different tariffs.
Ofgem: The energy regulator will need to allocate resources to analyze and report on the impact of energy prices on over-75s.

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