By Maximilian Clarke
Responding to British Gas’ 5% cut in electricity prices and SSE’s 4.5% cut in gas prices announced today, Consumer Focus has urged the remaining members of the ‘Big Six’ energy suppliers- who together dominate the UK market- to enact similar price cuts in order to ease the mounting financial pressures faced by UK consumers.
“Consumers will be pleased with further price cuts so hot on the heels of EDF Energy’s reductions,” said Adam Scorer, Consumer Focus’ Director of Policy and External Affairs. “This is the quickest succession of price changes we’ve seen and we hope this signals that suppliers are becoming more alert and responsive to market developments and to what their customers need. With three of the Big Six announcing price cuts the heat is now on for others to follow suit and help ease the pressure of high energy bills for their customers.
“It’s good to see cuts being made to both gas and electricity prices, even if by different firms. While companies will respond differently depending on where they think wholesale prices are heading, wholesale gas and electricity prices have fallen over the last year and this narrowing of costs must be reflected in consumer prices.
“The widening gap between wholesale and retail prices has become the fault line for consumer confidence. Companies want to regain the trust of their customers. Narrowing this gap is a necessary part of achieving this.
“The other three major suppliers should act now if they want to be seen as committed to an effective competitive market.”
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