Martin Lewis has shared an update about the energy market and its good news for energy customers.
The MoneySavingExpert.com website posted an article today which highlighted Ofgem's new request for energy suppliers to publish details about all of their energy tariffs.
The move, which came from a campaign from Martin Lewis, intends to make it easier for customers to see and understand whether a fixed deal is worth switching to.
Before, energy providers did not need to share the tariffs they offer to existing customers which meant customers couldn't accurately compare whether it was cheaper to move.
Martin first raised this issue with Ofgem several months ago, and followed it up with a formal letter last month.
The MSE founder said under the current rules, it was "near-impossible" for consumer advice organisations to provide guidance over the "opaque" deals that suppliers offer customers.
He explained that his consumer guidance website, Money Saving Expert had to “rely on crowdsourcing from consumers willing to forward bills”.
He added that as energy suppliers were now bringing back "short-lived competitive fixed deals" he said it "urgently" needed to be addressed.
This week, Ofgem announced that it had requested that all energy firms needed to set out "clear expectations" on financial resilience and how they should support consumers going forward.
The energy regulator said it will be "monitoring" the situation to make sure the market was operating "competitively" on price.
As a first step, it requested suppliers to publish all their domestic tariffs.
In a statement to MoneySavingExpert.com, an Ofgem spokesperson said: "We will closely monitor the situation, including to make sure that the market is operating competitively on price alongside customer service and innovative products, and to make sure that suppliers are meeting their obligations to the most vulnerable.
"As a first step, we are asking suppliers to clearly publish all their domestic tariffs to provide customers and third-party intermediaries with complete transparency.”
In his response to the news, Martin Lewis said he was "grateful" that Ofgem had listened to his call to "try and make the energy fixing market more transparent".
He added: "As I said in my letter, I understand the difficulties in bringing in new regulation.
"But at least this request means it is on the radar and firms know it will be frowned upon if they don’t publish the tariff info. We have already started to receive some commitments from the big firms that will do this.
“We will of course continue to monitor if this ask from Ofgem is working. If not, we will push for this to be moved from guidance into regulation to ensure all firms fulfil their obligation.”
