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Finance

Energy firms ‘hold £7bn of customers’ money amidst cost of living crisis’

UK energy suppliers are allegedly holding almost £7 billion of customers‘ money.

That’s according to a new study by comparison site uswitch.com which reveals that more than 16 million households collectively have a credit balance of £6.7 billion, with half of them holding balances of over £200.

The study cites the mild winter weather and customers’ efforts to reduce energy consumption as reasons behind companies holding £5 billion more in credit compared to the same period last year.

This news comes amidst a cost of living crisis, with some households struggling to balance heating and food costs.

An Ofgem spokesperson said: “Our rules ensure consumer credit balances are always protected and we recently strengthened rules regarding direct debits, which should prevent excessive accumulation of consumer credit balances.

“We encourage consumers to contact their supplier if they think their direct debit is set too high, and they can request their credit balances back from their supplier at any time. Refunds should be returned by suppliers in a timely fashion.”

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