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However, many customers who pay by fixed direct debit are overpaying resulting in surplus credit balances.
Ofgem s research found that as much as £1.4billion was held in surplus credit balances in October 2018.
It is concerned that some suppliers may use customers surplus credit balances to fund otherwise unsustainable business practices.
The auto-refund policy would require suppliers to refund any credit balances, for domestic credit customers paying by fixed direct debit, above £0 each year on the anniversary of when they started their contract.
Ofgem found that as much as £1.4billion was held in surplus credit balances in October 2018
Jonathan Brearley, chief executive of Ofgem, said: These new proposals would ensure that suppliers are not holding onto more of customers money than absolutely necessary, potentially returning millions of pounds of customers money.
Energy customers to get automatic credit refunds in regulator plans
The proposals follow concerns from Ofgem firms were using customer money to fund otherwise unsustainable business practices
17 March 2021 • 6:00am
Households would be automatically refunded any overpayments on energy bills in plans tabled by the regulator to end companies using customers’ money incorrectly.
Under the current system, those who pay their bill by direct debit pay a fixed amount each month, typically overpaying in the summer months when usage is low in order to build up credit which can be drawn on throughout the winter.
However, this can lead to companies holding extra cash at the end of the year and Ofgem, the industry regulator, estimated in 2018 that as much as £1.4bn was being held in surplus credit balances.
Ofgem plans to make suppliers pay back unused credit balances
Energy suppliers could be holding up to £1.4bn in excess customer direct debit payments. (Getty Images)
Ofgem is mulling proposals that would limit the amount of consumer credit energy suppliers can hold, which could see £1.4bn in excess payments returned to customers.
Households that pay for their energy by direct debit typically pay a set amount to suppliers every month based on their average consumption.
As energy use is normally lower in the summer and then climbs again in the winter, consumers usually build up a credit balance before drawing down on funds when it gets cold.
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