Energy companies in the UK are paying less for the power they supply to consumers, but consumers aren’t seeing the savings passed on to them, according to the latest from consumer watchdogs. Prices on the wholesale energy market have been cut in half over the last 12 months, but household electricity and gas bills are still higher than they were a year ago.
Consumer experts note that the high prices mean that there is plenty of room for better retail prices. Energy firms are estimated to make an extra £2.2 billion right now because they are not passing on the discounts to all consumers. Industry regulator Ofgem is putting pressure on suppliers to pass savings on to customers. An average family could save nearly £100 if current wholesale price cuts were passed on, according to experts.
Robert Hammond, energy expert for Consumer Focus, the publicly-funded watchdog, was quoted in the Telegraph, noting that “The fact that wholesale prices are at a three-year low adds further to the already heavyweight of evidence that greater energy price cuts are needed.”
“These declining costs will contribute to energy firms paying less for gas and electricity,” he continued. “So, it is only right that these price cuts are passed on to consumers, many of whom are struggling to afford high energy bills.”
There are thousands of tariffs, and finding the best one can be confusing. A list of some of the best deals is available online at the Telegraph here.
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