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Gas & Electricity Latest News Research reveals UK households are overpaying for energy

Research reveals UK households are overpaying for energy

Research reveals UK households are overpaying for energy

According to new research carried out by ICIS Heren - a world-leading publisher of gas, power and carbon market information, energy suppliers are failing to pass on the price cuts of lowering wholesale prices to customers.

Energy companies are now facing tougher rules to provide a full explanation to their pricing to the regulator. Data has shown that the wholesale price of gas averaged 25.5 pence per therm from 1 April to 24 August.

In the same period last year this rate was well over twice that amount, at 58.47p.

However, the majority of suppliers have failed to reduce prices in line with the wholesale price cuts. British Gas cut its gas prices by 10% earlier this year, while Scottish and Southern reduced prices by 4%.

A Heren spokeswoman said: "I would have thought that companies should be revising downward their household prices. Prices on the forward curve are a long way back from where they were last year."

The figures were reviewed together with similar falls in the price of electricity – after a dispute between the government's consumer watchdog, Consumer Focus, and the suppliers come about as wholesale prices plummeted to the lowest levels seen in almost three years.

Heren said the price for the coming winter months will be 38.12p compared to the 101.28p seen in 2008.

Consumer Focus believes that households are being overcharged by as much as £100 a year for their energy. It said if suppliers want to avoid damaging their reputation by treating consumers unfairly they "must make immediate price cuts".

Buchanan's letter said: "Wholesale costs have fallen from last year's peak and look set to fall further as we head into the winter. In a strong competitive market, we would expect prices to respond to such falls.

"I believe you owe it to consumers, ahead of the winter, to explain how cost changes, including falling wholesale costs, are likely to bear on future energy bills."

Prices have fallen for a number of reasons – from a reduction in industrial demand for gas, to falling oil prices and a significant expansion in new gas import pipeline links and liquefied natural gas terminals.

Written by Sam Gooch
Wednesday, 02 September 2009 14:13
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