New annual energy statements – do they help?
Energy companies are meant to be sending us annual energy statements to help us budget next year’s energy use. Can they help us save on energy bills – or are they just one more thing to add to our confusion?
Have you had your annual energy statement yet? According to uSwitch research, only 37% of us have. This, despite Ofgem (the energy regulator) saying energy companies had to start sending them out by the end of last year.
I’m not even sure if I’ll get one, as they don’t necessarily go to people who have been with their supplier for less than 12 months.
What’s the point of the energy statements?
Firstly, they should predict how much energy you’ll use over the next year, based on what you’ve used for the last. They’re also meant to predict how much you’ll spend, and act as a prompt to remind you to switch. But is this possible, when prices will inevitably rise?
I have to say, I’m not too worried about getting one. I have an online tariff that lets me track how much I’m spending. So overall it gives me a picture of what I’ve used since August, which was when I switched suppliers after moving house.
Can annual statements add value?
In previous Conversations we’ve questioned the value of the annual statement. The research from uSwitch seems to have shown the same issues we’ve been concerned about.
For example, will they really help people manage their energy use? They’re supposed to predict what you’ll spend next year, but we’ve heard they can’t even tell you how much you actually spent last year.
Will people be able to tell the difference between statements and bills – and will they even bother to read them? And for people (like me) who switch before their ‘energy anniversary’, they might not even get one.
Do you think this is the best way for energy companies to communicate information to customers? Have you had your annual energy statement yet – and if so, are they giving you the right information?
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