Government urges Big Six energy suppliers to cut energy bills
The UK’s Big Six energy suppliers are facing increased pressure from the Government to pass on the savings attained due to the fall in gas and electricity wholesale costs to their customers, rather than keeping them as profits for the shareholders, a news report can reveal.
The Amber Rudd, the Energy and Climate Change Secretary, has written to the Big Six energy companies asking them to alter their prices after the latest analysis by regulator Ofgem found firms could increase their profit margins to up to £118 on an estimated annual dual fuel deal this year, while wholesale gas and electricity costs were £80 lower than they were estimated at a year ago.
Furthermore, the Government argued that, since the pre-election pledge by Labour to impose a freeze on energy prices was no longer an issue of concern, the companies should act and slash their prices.
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