Wholesale UK gas and electricity market prices are at their lowest quarterly average in five years, according to an analysis of energy trends for Q2, published by ICIS, the independent authority on energy market pricing. Commenting on the new figures, Ann Robinson, Director of Consumer Policy at Uswitch.com, said: “Wholesale energy costs make up around half of our bills, so why on earth are hard-pressed consumers not seeing the full benefits of lower wholesale prices?
“Cuts by the big six suppliers earlier this year were mere token gestures, leaving the average standard tariff customer just £28 a year better off. Now is the time for suppliers to do the right thing by passing on proper, double-digit reductions that better reflect falling wholesale costs.
“If the market was working properly, competition would be driving suppliers to cut their prices at any opportunity in order to attract new customers. All eyes will be on the Competition and Markets Authority next week when it publishes its recommendations on how to boost competition.”
FOR MORE INFORMATION
Jason Wakeford
Phone: 0203 872 5612
Email: jason.wakeford@uswitch.com
Twitter: @UswitchPR
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