Energy suppliers' price cuts too late - 24/02/2009
Price reductions announced by several of the UK's major energy suppliers in recent weeks will be too late to be of help to millions of homeowners, reports the Mirror.
All the UK's major energy companies increased their prices last year blaming cost hikes in the wholesale market, but they have faced criticism for failing to offer cheap energy rates more quickly.
Four of the six major suppliers have now announced price cuts but the changes will be largely implemented at the start of spring as temperatures rise.
Last year's elevated prices were applied throughout the freezing winter months meaning that many homeowners will be facing substantial bills.
Industry experts are predicting that prices will rise again within the next year, so homeowners are being encouraged to shop around for the best deals and to compare energy options. In addition, domestic energy efficiency can reduce bills.
The government recently announced plans to insulate every home in the UK within the next few years, a plan which has been favoured over imposing a windfall tax on energy suppliers.
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