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UK energy sector sitting on client cash pile

A report by has confirmed that around 5 million UK gas customers are owed around £454 million in funds held on their account but as yet unused. This equates to an average of £89 per customer in the UK and while 20% have asked for excess funds to be repaid, this leaves a staggering £363 million unclaimed earning interest for UK gas supply companies.

To balance the argument, there are over 1.8 million gas customers in debt to their gas supplier with an average of £151 per household meaning a total debt of £280 million. So when you deduct the amount owed from the amount of unclaimed funds held on deposit by the UK gas companies this equates to a net £174 million - with potentially upwards of £5 million in interest lost by UK gas customers each year.

While it is difficult to lay the blame totally at the door of the UK gas sector, the figure of £174 million is substantial to say the least. Trying to find a balance between charging customers what they use on an ongoing basis, repaying any excess and also chasing any overdue money is a very difficult act to say the least. Whether or not this particular report will prompt any moves from the regulator remains to be seen but in reality there is no short sharp solution to the issue.

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