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SMEs unknowingly locked into energy deals

A study by website SwitchMyBusiness has found that 18.4% of firms have automatically had their energy contracts rolled over, meaning thousands of businesses are being locked into new arrangements without their permission. A further 16% were unaware if they have been a victim of auto-renewal. The findings follow a Competition and Markets Authority report last month which showed energy companies make about £500million in excess profits a year from small business customers because of a lack of competition. More than 30% of small companies have been put on 'deemed' contracts, which have much higher rates than standard ones. Half of UK SMEs said they had problems understanding their energy contracts.

 

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