Wholesale gas and electricity prices are at historically low levels in the UK, implying pressure on the energy suppliers in terms of why they haven’t cut domestic energy tariffs.

David Hunter, an energy industry analyst with Schneider Electric, comments:

 

“It’s time for the ‘big six’ to cut their prices. Despite the downward trend of wholesale energy prices over the past two years, with one exception, it has been a year since the they cut gas tariffs and two years since electricity tariffs were touched. 

“Fuel prices on the other hand have fallen sharply as a direct result of the drop in crude oil value – the lowest it’s been in 12 years. These savings have largely been passed through to customers. Yet the same hasn’t happened for network energy – the excuse of higher grid and green costs just isn’t enough to justify the status quo.

“Fuel costs aren’t going to stay low forever, but if energy suppliers can’t reduce their prices now, when can they? The silent majority sitting on expensive standard tariffs need to act. We’ve enjoyed a mild winter so customers have used less gas than expected but the cold weather is setting in and they’re going to feel the pinch.

Fix the roof while the sun is shining

“In the meantime, we urge customers to shop around for the many cheaper deals that are available, and to ‘fix the roof while the sun is shining’ by investing their fuel and energy savings in efficiency measures that can protect them from inevitable cost increases in future years.”

Wholesale gas and electricity prices are at historically low levels in the UK, implying pressure on the energy suppliers in terms of why they haven’t cut domestic energy tariffs.

David Hunter, an energy industry analyst with Schneider Electric, comments:

 

“It’s time for the ‘big six’ to cut their prices. Despite the downward trend of wholesale energy prices over the past two years, with one exception, it has been a year since the they cut gas tariffs and two years since electricity tariffs were touched.

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