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Home > Main energy companies criticised for failing to pass on price cuts

Main energy companies criticised for failing to pass on price cuts

7th April 2015 | Published by Evolution Money

British households are overpaying for their energy consumption according to a number of comparison websites. Sites, such as Uswitch.com, energyhelpline.com and theEnergyShop.com, have said
that household energy bills should fall by at least £140 a year for standard tariff customers but the six main electricity and gas suppliers are not passing on the recent drop in energy prices.

Chancellor, George Osborne, has said that the big six energy companies should bring down their customers’ bills and they will be subject to a Treasury investigation if they do not.

Petrol retailers have also been criticised for their reluctance to share the new lower prices of fuel with their customers.

So far, none of the six main energy companies has cut its standard tariffs, which are used by the vast majority of UK households. Customers typically pay £1,200 per annum for their gas and electricity. Smaller suppliers, however, are now offering new customers tariffs costing less than £900 per year. The cost of wholesale gas has fallen by thirty per cent since the summer and the cost of electricity by fifteen per cent.

Joe Malinowski of price comparison website, TheEnergyshop.com, said that if the drop in fuel prices was passed onto UK customers, households would see a saving of at least £140 each year. Customers currently following a standard tariff may be able to save as much as £320 per year, if they switch suppliers.

Tom Lyon, of uSwitch.com, said that it is now high time one of the big six dropped their standard tariff in order to encourage the others to do so. He added that they are always very quick to raise their prices and it is very disappointing that they are not similarly quick off the mark to lower them. Mark Todd, of energyhelpline.com agreed, saying that customers are being punished for staying loyal to an energy supplier.

Category: Money
This post was written by Evolution Money
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