“Consumers will be questioning why their energy bills haven’t been slashed further at a time of rising profits and falling wholesale prices.” – Which? response to Ofgem forecasts of increased profit margins for Big Six energy suppliers.
Richard Lloyd, Which? executive director said:
“Consumers will be questioning why their energy bills haven’t been slashed further at a time of rising profits and falling wholesale prices.
“The Competition and Markets Authority’s investigation must look at whether lower wholesale energy costs are passed on fairly, or whether a lack of competition leaves us all counting the cost.”
Notes to Editors
1. People can support our campaign for Fair Energy Prices at http://whi.ch/F4IR3NERGY
2. As part of our Fair Energy Prices campaign, we are calling for:
· The Competition and Markets Authority (CMA), as part of its current investigation into the energy market, to investigate the best way for the regulator to establish a ‘price to beat’, so that consumers can trust that the price they pay is fair.
· Require energy suppliers to use simple, directly comparable pricing, similar to petrol pump displays, so people can more easily compare prices and make the best choice if they switch.
3. Which? Switch – If you think you might be missing out on the cheapest energy deal you can use Which? Switch to compare energy prices. Which? Switch is an independent service that searches the market to provide a comprehensive, transparent and impartial view of your gas and electricity options, including supplier and tariff ratings to help you decide on service as well as price.
Our customers are currently saving an average of £245 a year on their gas and electricity bills. This is an average figures, so many customers save a lot more (this figure is the average estimated annual saving for customers who applied to switch suppliers between 1st October 2014 and 31st December 2014). Visit Which? Switch to compare and save.