Nearly half of billpayers find that the energy price cap has led to fewer opportunities to secure better energy deals, according to new research conducted by KPMG in the UK.
The study, based on a survey of 1,700 billpayers conducted by YouGov in February 2024, highlights widespread awareness of the price cap among consumers, with almost 84% stating they were aware of its existence and nearly 87% correctly understanding its purpose.
Despite this awareness, the research suggests that the price cap has led to perceived limitations in consumer choice.
Furthermore, the study reveals that nearly a quarter of billpayers actively sought out new energy suppliers or tariffs in the past year, with approximately 41% expressing a desire to switch to a fixed deal but feeling constrained by limited options.
Additionally, almost 42% of respondents agree that the price cap has diminished competition in the energy market, while nearly 34% have ceased shopping around altogether due to capped prices.
