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Will UK consumers benefit from an energy price war?

Yesterday's news that British Gas will immediately reduce gas prices by 7% across the board was well received and could save UK consumers up to £55 year. While we have yet to see any response from the likes of E.ON and RWE npower it is almost certain they will respond with similar cuts to give them the best chance of retaining their customer base. However, will UK consumers really benefit from this energy price war?

The truth is that wholesale energy prices have fallen over the last few months although very few energy companies have passed these considerable savings on to customers. Under pressure from the government to make changes in the short to medium term, amid concerns about investment in the energy sector, it seems that the likes of British Gas are attempting to steal a march on any more bad news to hit the headlines.

The UK government is also under pressure for allegedly neglecting to ensure significant investment into the UK energy sector in the medium to longer term basis. Energy companies in the UK have been announcing record profits for some time now despite the fact that UK consumers and UK business users continue to struggle to pay their bills. The government has been shown to be fairly weak in this area after announcing various promises to look into the sector and protect the rights of consumers. Whether we will see some activity in this particular area as the election approaches remains to be seen.

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