Finally the rest of the energy sector falls into line
It has been revealed that the final big four of the UK energy sector leaders have promised to reduce electricity and gas prices in line with general wholesale market prices. British Gas and Scottish & Southern have already reduced their charges and now Scottish Power, RWE nPower, E.ON and EDF have all promised to bring their charges into line with the main market. This move is said to be a direct consequence of yesterday's grilling by various MPs and the potential bad publicity this could have attracted.
However, when asked to confirm as and when they would reduce their charges no specific date was offered and we await confirmation in due course. While this latest move in the market will be well received by UK customers, there is still feeling that very little in real terms has been given back to energy customers throughout the UK. Prices shot ahead last year and even though we have seen reductions over the last two or three months these have been very marginal and nowhere near the size of last year's increases.
There have been a number of calls for the UK government to investigate the energy sector yet again although for some reason the authorities seem reluctant to make this move at the moment.
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