FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

Households 'losing out' to energy firms

Each household in the UK is losing around £200 a year because energy firms are yet to cut bills in line with reduced wholesale prices, a report from uSwitch.com claims.The report, published today, claims that Britain's major energy suppliers are keeping the cost of household bills "inflated" despite recent price cuts across the industry which saw the average yearly bill drop by around £78.Recent price cuts have brought average annual energy bills down from £1,013 to £935, according to the report, yet the website says more money should be knocked off consumer bills."It's not unreasonable to expect some generous reductions now that wholesale costs have fallen," Ann Robinson, director of consumer policy at uSwitch.com, said."Instead, suppliers are handing back a derisory £78 and are using smoke and mirrors to obscure the fact that they are still pocketing an extra £200 per household."However the Energy Retail Association (ERA), which represents Britain's electricity and gas suppliers in the domestic market, has hit back at the report.ERA chief executive Duncan Sedgwick said that the six firms in the ERA, including British Gas, nPower and Powergen, were not ripping off consumers but instead noted that energy companies had delayed passing on the rises in the wholesale price of gas to customers.

Share this..

Related stories

Online banking fraud rises by 48%

27/03/2015 Following our story earlier this week about identity fraud being on the rise , Financial Fraud Action (FFA) has confirmed that loses from online banking fraud have risen by 48% in 2014. As consumers increasingly conduct their banking affairs online, fraudsters continue to adapt... Read More

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue