Big changes are being brought in for smart meters by Ofgem which could see people's energy bills reduced The energy watchdog is ensuring that meters automatically send updates on energy usage every half an hour from May.
It comes as homeowners are paying more than 50 per cent more a year as energy bills have skyrocketed due to the price of wholesale gas. The move also means suppliers will be able to bill more accurately, meaning customers won't have to make payments based on overestimates. It comes after the energy price cap was increased last week, adding almost £700 on to the average household bill, BirminghamLive reports.
The change will also allow suppliers to introduce more time of use tariffs. This means busy times will be more expensive and quieter times will be cheaper - effectively introducing surge pricing, reports the Sun.
If customers on time of use tariffs can shift their energy usage to less busy periods, they could save money. However, it could have the opposite effect for consumers who need to use gas or electricity during the peak time.
Scottish Power, EDF and Octopus Energy, which has 11 million customers between them, support the changes, the Telegraph reported earlier this year.
