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07/01/2008
Darling Seeks Talks Over Fuel Bills
Chancellor Alistair Darling has called for a meeting with energy regulator Ofgem to discuss last week's hike in gas and electricity bills by Npower.
Darling is said to be unconvinced by Npower 's arguments that they are only passing on the increases in wholesale prices.
According to the power firm wholesale energy prices have risen by 66% for electricity and 60 % for gas since last year.
In response Npower have increased average gas prices by 17.2% and electricity by 12.7%, rivals are expected to follow suit.
In a letter to Ofgem Chairman Sir John Mogg and Chief Executive Alistair Buchanan, obtained by The Times, Mr Darling asked for a meeting to discuss the implications of the price rises.
It appears he wants to explore claims from some experts that the energy companies do not need to pass on commodity price increases to consumers straight away.
Mr Darling wrote: "I would be interested in receiving your assessment of gas and electricity supply and market conditions both in the UK and Europe and likely future trends."
Karl Brookes, spokesman for consumer watchdog Energywatch, said: "Energywatch is not convinced the market is working in the best interests of consumers and we are pleased this review is taking place.
"If you believe we are in a fully-fledged competitive market you would expect suppliers to respond in a more innovative way than instantly responding to wholesale prices by hitting the consumer in the pocket."
Gas accounts for 40% of electricity production in the UK.
(GK)
Darling is said to be unconvinced by Npower 's arguments that they are only passing on the increases in wholesale prices.
According to the power firm wholesale energy prices have risen by 66% for electricity and 60 % for gas since last year.
In response Npower have increased average gas prices by 17.2% and electricity by 12.7%, rivals are expected to follow suit.
In a letter to Ofgem Chairman Sir John Mogg and Chief Executive Alistair Buchanan, obtained by The Times, Mr Darling asked for a meeting to discuss the implications of the price rises.
It appears he wants to explore claims from some experts that the energy companies do not need to pass on commodity price increases to consumers straight away.
Mr Darling wrote: "I would be interested in receiving your assessment of gas and electricity supply and market conditions both in the UK and Europe and likely future trends."
Karl Brookes, spokesman for consumer watchdog Energywatch, said: "Energywatch is not convinced the market is working in the best interests of consumers and we are pleased this review is taking place.
"If you believe we are in a fully-fledged competitive market you would expect suppliers to respond in a more innovative way than instantly responding to wholesale prices by hitting the consumer in the pocket."
Gas accounts for 40% of electricity production in the UK.
(GK)
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British Gas, the biggest supplier of electricity to homes in Britain, has cut an average 10% off its standard electricity prices. The price cut for 4.5 million customers takes effect immediately. British Gas's electricity rates are now as much as £111 lower than the local supplier.
11 January 2012
EDF Energy Reduce Gas Prices By 5%
EDF Energy has announced it will cut its gas prices by 5% – becoming the first major supplier in 2012 to announce it will pass on falling wholesale prices to its customers. The company was the last of the major suppliers to raise its energy prices in the autumn.
EDF Energy Reduce Gas Prices By 5%
EDF Energy has announced it will cut its gas prices by 5% – becoming the first major supplier in 2012 to announce it will pass on falling wholesale prices to its customers. The company was the last of the major suppliers to raise its energy prices in the autumn.
04 February 2010
Energy Supplier Slashes Gas Price
British Gas has today cut its standard gas prices by an average 7%. The price cut, which will benefit 8 million households, takes effect immediately and makes British Gas, on average, the cheapest supplier of standard gas and electricity right across Britain - no matter which way customers choose to pay.
Energy Supplier Slashes Gas Price
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31 July 2008
Centrica Posts £1 Million In Profits - To Consumers Anger
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Centrica Posts £1 Million In Profits - To Consumers Anger
British Gas owner Centrica has posted half-year profits of almost £1 billion - much to the anger of consumer groups. Centrica maintain that it has been "absolutely necessary" to raise household gas prices as profits were down 20% in the first six months of this year to £992 million - down from £1.23 billion in 2007.
25 June 2009
Energy Customers Being Overcharged More Than £1.6bn
New research by Consumer Focus shows that energy customers are being overcharged by a combined £1.66 billion this year (£74 per household), as declining wholesale costs have not been fully passed on by suppliers. Analysis shows that current gas prices should be at least 7.4% cheaper, and electricity bills a minimum of 3.
Energy Customers Being Overcharged More Than £1.6bn
New research by Consumer Focus shows that energy customers are being overcharged by a combined £1.66 billion this year (£74 per household), as declining wholesale costs have not been fully passed on by suppliers. Analysis shows that current gas prices should be at least 7.4% cheaper, and electricity bills a minimum of 3.
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