“Big Six” energy suppliers to pocket close to £2bn of their customer’s savings

The UK’s largest energy suppliers are not passing the full savings from cuts to green levies to consumers, which means that they’re in to pocket close to £1.8bn for no reason, research by the Insulated Render and Cladding Association (IRCA) has revealed.

As part of the ECO scheme, energy suppliers are forced to play green levies, basically a form of taxation designed to help raise the require funding for energy efficiency schemes, such as home insulation.

Nevertheless, all of the energy suppliers out there pass on the costs to consumers’ bills, so the government decided to consider a cut in green levies on energy companies under the ECO, including a 75% reduction in the target for solid wall insulation.

Proposed changes have led to energy firms saying they can reduce household bills by £35 a year for Britons, lower than the £50 the government had hoped for, a news source has revealed.

Nevertheless, the aforementioned research by IRCA suggests that there is an extra £15-£23 of savings per household not being passed on – leaving energy firms to pocket a potential windfall of between £1.1bn and £1.8bn over the coming three years.

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