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April Price Cap rises to £1,849 – tariff changes planned, and billing pressure grows
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Customer indebtedness is set to worsen this winter
Customer indebtedness is growing at an unsustainable rate. And it’s projected to get worse as we head into winter. Analysis from our Market Insights supports this, highlighting three key points, which we’ve explored further in this blog.
The Energy Price Cap – A tragedy in four acts
The Energy Price Cap was introduced by Ofgem back in 2019, to ensure “that prices for people on default energy tariffs are fair and that they reflect the cost of energy". If the goal was to prevent loyalty premiums (which was the original stated intention), then we’d argue that a relative price cap would have been better.
An update on B2B Credit Risk
Business deaths have begun to decline from a peak position in late 2021 and early 2022 – the latent effect of the pandemic on business viability has potentially now passed. However, businesses continue to operate in challenging circumstances with economic pressures weighing heavily.
Closing the Service Gap - Developing Great Conversations
Developing great customer conversations - it's an art. To make it happen, advisers need to be maximising the impact of their voice and the words they use, both of which can be the most powerful tools available in a customer servicing environment. As a leader, how can you develop and empower teams to have effective customer conversations, on a consistent basis?
Are you facing a cash gap in Smart prepayment?
On the whole, Smart metering has been welcomed by suppliers. However, as we’ll cover in this blog, there are growing problems in the Smart PAYGO space, where challenges with technology, process, and customer behaviour are leaving suppliers financially exposed.
Market debt levels continue to rise with prices
Market debt levels have continued to rise as the the price cap rises - however we've also seen customers absorb a greater proportion of the price increases than expected. This isn't all good news - we're potentially starting to see a latent effect where customers are running out of options by which to cover the increased costs which will give rise to increased debt levels in Q4-23 / Q1-24.
Getting ‘winter ready’ – Weatherproof your pre-delinquency strategy
As we conclude what’s been a turbulent British summer, the uncertainty of autumn and winter is fast approaching, with our projections showing this will be another challenging period for customers. Due to government support being withdrawn, customers are likely to receive higher bills in winter 23 than in the same period last year.
Winter bills to rise as the Price Cap falls – Here’s why
Ofgem have announced the Price Cap for Oct-Dec 23 at £1,923 in line with BFY Group projections. Although this represents a decrease for the second consecutive quarter, we’re expecting to see customer bills moving in the opposite direction this winter, due to the removal of government support.
BFY Group and Women’s Utilities Network – Partnering for industry change
We were eager to partner with WUN, as their mission aligns closely with our own. Working together will enable us to continue supporting our female employees, and others in the industry, by connecting them with the WUN community.
What is happening to customers bills each quarter?
With lots of talk of the Price Cap falling, what is happening to customers bills each quarter?
Changes ahead for consumer standards – Reacting to Ofgem and FCA guidance
It's time for a shake-up in consumer standards. That's the key message from Ofgem after launching its Consumer Standards Statutory Consultation. New rules are being introduced which will have immediate implications for suppliers, as we approach another challenging winter for customers.
BFY Group supports LDC and UniHomes on their partnership to drive continued growth
We're really pleased to have supported LDC and UniHomes on their new partnership, providing advice on the energy implications of UniHomes' continued expansion. Our team delivered insight covering customer journeys, commercial arrangements, energy price scenarios, and regulatory risk management.
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