Energy suppliers under pressure to cut tariffs as low energy wholesale costs remain low
The UK’s energy suppliers are coming under fire for not adjusting their tariffs to match the wholesale energy prices, which are at their lowest in five years, a news report has revealed.
While British Gas cut gas prices twice this year – by 5% in February and by another 5% in August, the other suppliers were not so keen to follow suite. According to uSwitch’s figures covering gas price changes during 2015, E.ON has cut the price by 3.5%, ScottishPower has cut the price by 4.8%, npower has cut the price by 5.1% and SSE has cut the price by 4.1%. All these price cuts became effective during the early months of 2015.
Consumer group Which? has launched its “fair energy prices campaign”, which already has nearly 300,000 supporters and calls for the Competition and Markets Authority (CMA), as part of a current investigation into the energy market, to require energy suppliers to use simple, directly comparable pricing, similar to petrol pump displays, so people can more easily compare prices and make the best choice if they switch.
On the other hand, suppliers defended their pricing, saying that they regularly review the costs that make up their bills.
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