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Delayed energy bill cuts costs customers £47m

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11/02/2015
Households are losing an estimated £47m due to delayed energy price cuts, according to analysis released today by the Citizens Advice Bureau.

The news comes as EDF’s 1.3 per cent cut, announced on January 28th, takes effect; CAB’s research underlines how the price cuts offered by the ‘Big Six’ suppliers may do less than they should to reduce utility bills during the winter.

E.ON was the only major supplier whose cuts took effect immediately: At the other end of the spectrum, SSE customers must wait the longest, until April 30th.

The CAB urges suppliers to take drastic action to offer genuine reductions in customer energy bills, and speed up their introduction.

The table below details the levels of cuts, when the cuts come into effect, and the savings consumers are missing out on due to their late introduction.

YMoney.Table.11.2.15

“The latest price cuts are an empty gesture by most suppliers,” Gillian Guy, CAB chief executive, said. “If energy companies really wanted to pass on savings to their customers, they should have reduced prices further and immediately not leave households struggling over the coldest weeks. E.ON did cut bills straight away and others firms should do the same.”

“The Competition and Market Authority needs to take a close look at how firms have cut prices this winter and assess whether the industry is behaving competitively and offering people a good deal.  The industry’s approach to the latest price reductions suggests firms take their customers for granted and don’t understand how difficult it is for some people to afford to have a warm home.”

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