Highlights from today’s article in Forbes:

“…the MPs who make up the Energy Strategy select committee have recommended a price cap to be imposed on the largest energy providers, but that is arguably on a sticking plaster solution…

…arguably the best way to encourage consumers to switch is to make it very, very easy for them to do so…

…So can a startup encourage more switching? It would be probably good for the industry if Labrador could beat at least a small part of the solution. As things stand, energy suppliers face having their prices capped simply because policymakers are (rightly) convinced that the apparent competition provided by 70 or so suppliers isn’t driving down prices in the way that it should. Some suppliers blame consumer lethargy, but the truth is, energy is a commodity product and the multiple tariffs and service offerings simply confuse customers who want not only pay the cheapest possible price but also know that the deal they are getting is actually good. If they’re not convinced they’ll get a deal, they won’t switch…

…Data analysis is playing an increasingly important role in the energy market, not least because it will underpin the roll-out of smart grids. But there could also be a role for entrepreneurial plays such as Labrador who can leverage data to solve consumer problems.”

Full article here