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‘Consumers short-changed by token gesture energy price cuts’ – uSwitch

Paloma Kubiak
Written By:
Paloma Kubiak

Wholesale UK gas and electricity prices have averaged 10-year lows during the first three months of 2016, prompting a comparison site to call for suppliers to cut their prices.

The wholesale price of energy averaged a decade long low according to energy market pricing analysts ICIS.

But uSwitch said the figures proved that consumers have been “short-changed” by the token gesture price cuts announced by suppliers earlier this year.

Ann Robinson, director of consumer policy at uSwitch, said: “While any reduction is welcome, the fact remains that the average big six dual fuel bill has fallen a mere 5.7% since the start of last year.

“Given record low wholesale costs, suppliers must do the right thing and reduce standard tariffs by a further 10%.”

The latest figures from the Department of Energy and Climate Change (DECC) show the average annual household energy bill decreased by 3.5% to £1,298 in 2015.

Earlier this year all of the big six energy companies – British Gas, EDF, E.on, Npower, Scottish Power and SSE – caved in to pressure to cut gas prices.

But experts branded the average £32 a year cut “measly” and “minimal” and said customers could save £300 by switching energy supplier.