Energy regulator Ofgem claims that the wholesale energy price for electricity and gas are 23% and 38% cheaper in comparison to this time last year. The big six have come under scrutiny from both the regulator and consumer groups to cut energy prices after a dramatic decline in wholesale costs.
It's concerning that even with the plummet in wholesale prices, the big six show no sign of reducing energy bills or even having the courtesy of explaining to customers why they were not doing so?
In a letter to the industry Ofgem added that whilst the UK's energy firms are quick to increase prices when wholesale bills rise, but are slow drop prices in the reversed scenario, denting the public confidence in energy firms further. The good news however is that prices for both gas and electric are around 16% and 9% lower for the coming winter. This has been mainly down to healthy gas imports and unusually warm weather over the past six months.
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