Which? executive director, Richard Lloyd, said:
“Energy firms have totally run out of excuses for not cutting our bills. It’s good that Ministers are acting but we now need to see suppliers do the right thing, and fast. If they don’t play ball it will add weight to the case for the competition authority to step in and force the energy firms to make bills fair.”
Notes to Editors
1. In February, we found that energy bills could have been slashed further and sooner than the price cuts we saw in January saving an equivalent of £145 per household on standard energy tariffs over the past year. Using real market data, we analysed the costs to suppliers of buying wholesale energy since 2013 and compared this against what consumers have paid for wholesale costs through energy bills in the same period.
2. Our Fair Energy Prices campaign, which already has nearly 204,000 supporters, calls on 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.