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UK Energy Companies overcharge consumers

UK Energy Companies overcharge consumers
An independent consumer watchdog has found that people are being overcharged on their energy bills by an average of £74 a year.

Consumer Focus said that as wholesale costs have declined, suppliers have failed to pass on savings to their customers.

Last July, crude oil was priced at $147 a barrel, by this has fallen significantly, now at just $70 a barrel.

The Energy Retail Association has defended the energy companies by stating that other costs have increased and there is no evidence of them increasing their prices faster than they reduce them.

Consumer Focus said that it carried out research based on applying hedging schemes outlined by Ofgem - the energy regulator. The results showed that customers have been overcharged by energy suppliers up to £1.66 billion this year alone.

However, Ofgem said it was "entirely confident" in its analysis of retail and wholesale energy prices.

The regulator said: "We cannot accept Consumer Focus' claim to have used our methodology for calculating wholesale costs. They have borrowed some of it but they appear to have made assumptions that are simply wrong".

All six of the UK's main energy suppliers cut prices earlier this year, but the consumer watchdog claims that gas prices should be at least 7.4 percent lower and electricity prices at least 3.1 percent, amounting to a combined total of £73.90 per year.

Philip Cullum from Consumer Focus said: "Consumers have feared for months that the big six suppliers might not have passed on the full cuts in wholesale energy prices, but the companies claimed to have acted fairly".

"Our new research for the first time shows the reality. The companies are pocketing £1.6bn extra, while millions of households struggle to make ends meet."

Energy companies have argued that retail energy costs not solely based on wholesale costs.

Garry Felgate from the Energy Retail Association said: "The amount of gas and electricity a customer uses can form as little as half their annual bill"

"The remainder includes other costs, such as transporting gas and power around the country and meeting the government's carbon emissions reductions targets. All these costs have risen sharply in recent years. Consumer Focus has ignored these facts during its research."

Written by Sam Gooch

Thursday, 25 June 2009 09:25
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