“Wholesale costs have been low for some time leaving energy suppliers with no excuses for not cutting our bills”, Which? response to calls for energy suppliers to cut bills due to lower wholesale costs
Which? executive director, Richard Lloyd, said:
“Wholesale costs have been low for some time leaving energy suppliers with no excuses for not cutting our bills. Suppliers must now do the right thing and pass on falling costs to customers. This adds weight to our call for the CMA to use its energy inquiry to boost competition in this market.”
Notes to Editors
- In February, we found that energy bills could have been slashed further and sooner than the price cuts we saw last winter 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.
- Our Fair Energy Prices campaign, which already has nearly 300,000 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.