Energy Companies Profit From Switching Failure

The video discusses issues in the energy market, highlighting how loyal customers, especially the poorest and elderly, are losing out due to pricing strategies by major suppliers. The Competition and Markets Authority suggests that most customers could save by switching to cheaper fixed-rate deals. The video features customer opinions on switching and emphasizes the importance of consumer action to drive market changes. OVO Energy is presented as a challenger to the established suppliers, aiming to improve customer satisfaction and market fairness.

According to the Competition and Markets Authority, which groups are most affected by energy pricing?

• Young professionals and students

• Poorest households and the elderly

• Middle-class families

• Business owners

What is the average annual cost for a customer on a standard dual-fuel tariff with one of the big six firms?

• £1,158

• £1,500

• £900

• £1,300

How much could 95% of customers save by switching to the cheapest fixed rate deal?

• £50

• £234

• £100

• £300

What percentage more do suppliers earn from customers on a standard tariff compared to a fixed tariff?

• 12%

• 10%

• 15%

• 5%

What motivated the CEO of OVO Energy to start his own power provider?

• Desire to join the big six supplier club

• Government incentives

• Unhappiness as an energy consumer

• Interest in renewable energy