We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Secured Loans > 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 Evo 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 Evo Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookies | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution