Small firms 'bamboozled' over energy contracts
February 4th 15:53 Cost Management
The majority of UK businesses are confused about their energy contracts, one price comparison firm has claimed.
A recent report from Make It Cheaper revealed that 80 per cent of smaller businesses across the country do not know when their contracts expire.
According to the organisation, many firms could be losing out on money as a result of the confusion as some could be "rolled over" into new contracts without realising.
Jonathan Elliott, Managing Director of Make It Cheaper, said new regulations brought in by regulator Ofgem have only made things more complicated.
He explained that there was somewhat of an overlap in Ofgem rules regarding the window of opportunity for firms to exit their energy contracts.
"Very few of the 2,000 businesses a week that call us for prices fully comprehend the contract rules that apply to them and need help with how, where and when to serve notice," he said.
"The key to switching, regardless of any variation of the rules, is to find out when your current contract ends and how much notice you need to give in order to be eligible for the best rates."
Most energy suppliers allow for a 30-day period where customers can cancel their arrangements.
However, Mr Elliott claimed that this timeframe was not enough for many firms.
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