Centrica becomes third of big six suppliers to end SVT for new customers, with rivals expected to follow suitBritish Gas owner Centrica is to scrap its widely criticised standard variable tariff (SVT) for new customers from April, and other energy companies are expected to follow suit. “This will result in a broader range of better deals with fewer people on default tariffs,” it said. “And if standard variable tariffs could be ended completely then the effects would be market-wide.”About 5 million British Gas customers are currently on SVTs. Centrica said it was working with the regulator on whether the default tariff should be a fixed or variable price. The measure, which will not take effect until 2019 at the earliest, will apply to anyone on a standard variable tariff.

Source: The Guardian November 20, 2017 11:45 UTC