Cheap energy rates expected within three months - 06/01/2009
Cheap energy rates are expected from the UK's major energy suppliers within the next three months as reduced wholesale costs filter down to the consumer, reports the BBC.
All the major energy suppliers responded to increased wholesale costs last summer by introducing substantial price rises to UK consumers, but oil prices have since slumped from their record peak of nearly $150 a barrel and this has driven wholesale costs down by around 30 per cent. Energy suppliers have been under intense pressure from both the government and consumer groups to pass on the cheaper rates to UK households.
The conduct of the energy industry has prompted an investigation from the regulator Ofgem, which has also criticised energy suppliers for not passing on reduced wholesale prices more quickly.
Energy suppliers have argued that winter consumer costs remain high as supplies were purchased at the elevated summer prices, but that the spring should usher in a series of price cuts provided that the wholesale situation remains stable.
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