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17/10/2011
Gov To Hold Energy Summit
David Cameron is adding to the pressure on energy firms, ahead of a meeting with the 'big six' suppliers on Monday to discuss bringing down the cost of power.
The Prime Minister will be meeting the firms, consumer groups along with the regulator, Ofgem.
The summit's aim is to help consumers save energy by making sure they're on the cheapest deal, switching supplier or getting subsidised insulation, according to Mr Cameron on Monday.
In an article on the www.moneysavingexpert.com, he wrote: "Energy bills have increased by more than £100 for most people since this summer."
"These price rises couldn't come at a worse time for consumers who are already feeling the pinch from rising petrol prices and the cost of the weekly shop."
Last week, the energy regulator published demands to suppliers asking them to offer standard tariffs, just as companies recorded an increase in margins.
Energy firms' profits increased from £15 to £125 per customer per year in the last four months, sparking anger among campaigners.
Regulator Ofgem said in its 'Promoting Choice and Value' document, published on Friday, that tariff complexity, poor supplier behaviour and lack of transparency needed "radical change".
The document outlined plans to ensure that customers could compare prices easily and that those seeking more innovative tariffs would be free to choose them.
Responding to the announcement of the summit, Labour Leader Ed Milliband said Electricity and gas bills were going to force a "huge winter squeeze" on the finances of families and the elderly.
"Energy prices have risen remorselessly, with the typical dual fuel bill going up almost 50 per cent in four years.
"The rises come as the National Grid prepares for weather as bitter as 2010 which saw the coldest December on record. And, winter fuel payments have been cut by £50 for the over 60s and £100 for the over 80s.
"For those facing this triple hit, there will be scant comfort in the sight of David Cameron holding an Energy Summit in Downing Street tomorrow."
Consumer groups say that the Government should take this opportunity to reform the market and for energy firms to recognised customers' anger about rapidly rising prices and bad customer care.
(DW/BMcC)
The Prime Minister will be meeting the firms, consumer groups along with the regulator, Ofgem.
The summit's aim is to help consumers save energy by making sure they're on the cheapest deal, switching supplier or getting subsidised insulation, according to Mr Cameron on Monday.
In an article on the www.moneysavingexpert.com, he wrote: "Energy bills have increased by more than £100 for most people since this summer."
"These price rises couldn't come at a worse time for consumers who are already feeling the pinch from rising petrol prices and the cost of the weekly shop."
Last week, the energy regulator published demands to suppliers asking them to offer standard tariffs, just as companies recorded an increase in margins.
Energy firms' profits increased from £15 to £125 per customer per year in the last four months, sparking anger among campaigners.
Regulator Ofgem said in its 'Promoting Choice and Value' document, published on Friday, that tariff complexity, poor supplier behaviour and lack of transparency needed "radical change".
The document outlined plans to ensure that customers could compare prices easily and that those seeking more innovative tariffs would be free to choose them.
Responding to the announcement of the summit, Labour Leader Ed Milliband said Electricity and gas bills were going to force a "huge winter squeeze" on the finances of families and the elderly.
"Energy prices have risen remorselessly, with the typical dual fuel bill going up almost 50 per cent in four years.
"The rises come as the National Grid prepares for weather as bitter as 2010 which saw the coldest December on record. And, winter fuel payments have been cut by £50 for the over 60s and £100 for the over 80s.
"For those facing this triple hit, there will be scant comfort in the sight of David Cameron holding an Energy Summit in Downing Street tomorrow."
Consumer groups say that the Government should take this opportunity to reform the market and for energy firms to recognised customers' anger about rapidly rising prices and bad customer care.
(DW/BMcC)
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