For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Energy customers are 'being overcharged £74 per household'
New research has found that the energy savings being made by suppliers are not being passed on to consumers, costing homeowners £1.66 billion this year.
Figures from Consumer Research show gas prices should be "at least" 7.4 per cent cheaper and electricity should be 3.1 per cent lower if suppliers had fully passed on declining wholesale costs to consumers.
The research also suggests that additional price cuts of up to eight per cent (£65) for gas and four per cent (£17.80) for electricity should be made by the end of the year, if market conditions do not substantially change.
This, combined with an immediate cut, would save £157 on current prices by winter, which would make a huge difference to many cash-strapped consumers.
Philip Cullum, deputy chief executive of Consumer Focus, said: "Consumers have feared for months that the big six suppliers might not have passed on the full cuts in wholesale energy prices, but the companies claimed to have acted fairly."
Mr Cullum added that energy companies are "pocketing £1.6 billion extra," while millions of households struggle to cope in the recession.
It comes in the same week as uSwitch.com research showed that household energy bills could reach as high as £4,733 a year by 2020, nearly four times higher than they are today.