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Gas & Electricity Latest News UK energy regulator warns gas suppliers

UK energy regulator warns gas suppliers

UK energy regulator warns gas suppliers

Ofgem, the UK energy regulator, has warned energy suppliers that they must reduce wholesale gas prices in order to benefit households.

The regulator explained that if wholesale prices continue to fall, energy prices to the customer must also drop in the New Year to stop customers from losing out.

Ofgem said the energy companies should not "use investment as a shameful excuse to overcharge consumers".

It added that customers can make savings of around £200 per year simply by comparing the market and switching energy suppliers.

This is due to new players emerging in the industry which has heightened competition, giving the customer more choice while encouraging firms to keeping prices down in order to attract new custom.

Another inquiry into retail prices will take place in the New Year, and the regulator says it "will not shy away from proposing radical reform to protect the interests of consumers”, but added that firms were still recovering from up to four years of losses.

However it said that profit margins in dual fuel bills are the highest recorded in five years, with further rises still a possibility.

The cost to the customer has so far been generally neutral, but if wholesale gas prices carry on falling as low as predicted, companies must pass these savings on in their bills.

Energy UK - a new communications unit that represents the leading gas and electricity suppliers said: "The reality is that companies may be making some modest profit this year after around 4 years of making either none at all, or a loss".

Written by Sam Gooch
Monday, 07 December 2009 14:48
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