Consumer Impacts of Market Conditions survey: Wave 3 (Nov/Dec 2022)
Reports, plans and updates
- Publication date
- Industry sector
- Supply and Retail Market
- Licence type
- Electricity Supply Licence
- Gas Supplier Licence
We launched our Consumer Impacts of Market Conditions tracking survey in early 2022, to ensure that we and the energy sector have a good understanding of consumers’ experiences and attitudes during this difficult time. The survey covers issues such as affordability and awareness of available support, as well as the impact of these on energy market engagement now and in the future.
We have run three waves of this survey to date: This wave (Wave 3) was run in November/ December 2022. Wave 2 was run in July 2022, and Wave 1 was run in March 2022. By tracking responses over time, we are able to monitor how consumers are affected by ongoing changes in the market (such as the introduction of the Government's Energy Price Guarantee). By gaining a better understanding of consumers’ needs and experiences we are better able to respond to support consumers where they need it.
Key findings from Wave 3:
- The vast majority of consumers are aware of increases in the prices of their energy bills, and many are taking action to reduce the cost of their energy.
- People are continuing to feel the impact of high prices, especially those who are financially vulnerable. Many facing affordability issues with their energy are doing so for the first time.
- Most are satisfied with the energy payment method they are on, but there is a knowledge gap about the different costs of energy payment methods.
- There is some confusion about the Government’s Energy Price Guarantee (EPG), what it does, and its relationship with the energy price cap.
- Recent and future intentions to engage in the energy market continue to fall, reflecting the continued recognition of the lack of value to be had in the energy market.
Please contact consumer.first@ofgem.gov.uk for further details.