U.K. energy services group Centrica PLC (CNA.LN) said Monday that it is to withdraw its standard variable tariff for new customers and encourage existing customers to move to other products.
The company said the move is part of a drive to increase engagement and choice, which will also include the introduction of a new fixed-term default tariff and simpler billing.
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Centrica added it has proposed measures to the U.K. government to reform the country's energy market. The proposal suggests phasing out standard variable tariffs altogether, as the company believes it is the best way to encourage customers to look for the best energy deal, and the prohibition of all tariffs without an end date.
"We fully recognize that the energy market can and should be improved, but further price controls will only set this back," said Centrica Chief Executive Iain Conn.
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(END) Dow Jones Newswires
November 20, 2017 02:45 ET (07:45 GMT)