UK energy giants urged to pass on wholesale cuts to consumers

UK energy giants urged to pass on wholesale cuts to consumers

Britain’s biggest energy suppliers have been blasted after failing to pass on wholesale gas and electricity price cuts to their customers.

Wholesale prices have fallen by as much as 40 per cent since 2014, however, over the same period, household energy bills have dropped by a pitiful 10 per cent.

It has been reported that just one of the UK’s energy giants, British Gas, has announced a price cut ahead of this winter.

This is despite wholesale costs dropping by as much as 20 per cent this year alone.

Experts have called for households to switch energy suppliers and move to a better deal, especially as none of the top ten cheapest energy tariffs on the market are currently offered by one of the Big Six providers.

Stephen Murray, energy expert at comparison website MoneySuperMarket, said: “Suppliers might argue that the nominal reductions they made earlier in the year were at the right level however, wholesale prices have continued to fall meaning further cuts to household bills are now due.

“Increased wholesale costs are reflected speedily by suppliers, it’s time they adopt the same approach for falling prices also.

“The best thing homeowners can do to make savings to their bills is to switch energy supplier. The biggest proportion of the nation’s energy customers, around 70 per cent, are sitting on the most expensive standard tariffs with many of them never switching to a cheaper deal.”

Source: The Daily Express