Energy Firms Accused of Hoarding £8bn of Customers' Money
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Energy firms held £8.1bn of customers' overpayments in early 2023, per Ofgem data. Customers build up credit in summer to cover winter bills.
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MP Angus MacNeil accused firms of holding "too much money" and "sitting on a nest egg" of customers' funds.
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Industry group Energy UK said direct debits are based on volatile price forecasts. Customers can request refunds.
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Customer Dan Malcolm struggled to get £800 refunded despite hours of calls over 6 weeks.
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Ofgem said customers have the right to get balances back timely, but £8.1bn suggests issues with awareness or refunds.