Nearly 90% of consumers feel ripped off by energy providers
January 25, 2008
According to a recent report nearly 90% of consumers with the nation’s largest energy suppliers in the UK feel ripped off as a result of energy prices. However, despite the complaints about energy suppliers the UK’s energy regulator Ofgem has stated that it will not be taking the big six energy suppliers to competition authorities over their pricing. Some of the major energy suppliers have already hiked up prices on gas and electricity usage, including British Gas, EDF Energy, and Npower.
Other energy suppliers are expected to apply price rises over the coming weeks, claiming that increases in wholesale energy prices have resulted in the need to charge more for gas and electricity usage. However, Ofgem is not concerned about the pricing issue according to a recent report, and will therefore not be referring the big six to the Competition Commission. The big six suppliers are British Gas, E.On, Scottish & Southern Energy, Npower, EDF Energy and Scottish Power.
One official from Ofgem stated: ‘There are no plans at the moment for a Competition Act referral. Britain has one of the most competitive energy markets in Europe, with changing market share between the companies, price differences and good levels of switching. We keep markets under constant review but we can only take action if we find evidence of anti-competitive behaviour.’
It is thought that the rises in energy prices could push some households into fuel poverty. Homeowners that have benefited from the recent interest rate cut in December may find that any money that they saved on mortgage repayments will now get swallowed by rising energy prices.
Tom Smith
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