Which? executive director, Richard Lloyd, said:
“Every little helps, but this is another modest price cut for consumers in response to a significant shift in wholesale prices. Energy bills are consistently the number one financial concern for households, so we now need other suppliers to do more to help people struggling with the cold.
“The Competition Authority’s investigation must look at whether falling wholesale energy costs are passed on fairly, or whether a lack of competition leaves us all out of pocket.”
Notes to Editors
1. People can support our campaign for Fair Energy Prices at http://whi.ch/F4IR3NERGY
2. Which?’s latest consumer insight tracker research shows:
Energy prices are the number one financial concern – 68% of people are worried about them.
Only one in five (20%) of people trust gas and electricity companies.
3. 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.
4. 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.