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Are we on the verge of an energy price war?

As we covered in one of our earlier post, the surprise announcement of a 10% reduction in electricity prices from British Gas took the market by surprise. Even though the decision by British Gas to reduce prices has been welcomed, although significantly later than some competitors, there is a feeling that the company is looking to take on other UK energy companies and inject a price war into the sector.

There has for some time been a suspicion that energy companies in the UK have been shielding investors from wholesale price reductions, which has effectively increased the profit margin for the likes of British Gas. While today's move has been welcomed across the board there is a feeling that consumers are being manipulated although hopefully with more price reductions expected there should be significant savings to come.

Whether the likes of British Gas and other UK energy providers have caught wind of any government action against them in the short to medium term or they really are looking to assist UK consumers remains to be seen. The sector has been on the receiving end of severe criticism for some time after various excuses were issued to explain the lack of price reductions in line with wholesale prices. Have we really turned the corner?

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