Npower said it has “no plans at the moment” to reduce its energy tariffs although it monitors wholesale prices to ensure it offers “fair value to customers”, while the other major energy suppliers also failed to respond to calls made yesterday by George Osborne to pass on the lower costs.
Eon and Scottish Power said they “continue to review” their tariffs, but did not state whether they would lower them. EDF Energy and British Gas declined to comment.
SSE said it took the “unprecedented commitment” to freeze prices until 2016, but added it would “work constructively with the Treasury on any review they are undertaking, with the aim we all share of ensuring energy customers have a fair deal for the long term.”
However, Energy UK chief executive Lawrence Slade said the suppliers “are passing on price cuts to consumers”.
He added: “When people shop around they can easily find deals that are over a hundred pounds cheaper than this time last year and in line with cuts in wholesale energy prices.”
Osborne said the companies would be “watched like hawks” to ensure the savings were passed on and he tweeted that it was “vital” the fall in the oil price – which has hit five and a half year lows – is passed onto families.
The Treasury said it was examining whether any action was needed and an inquiry could be launched.
Shadow energy secretary Caroline Flint attacked the call by the Chancellor and said: “The Tories have had five years to deal with the problem of energy companies not passing on reductions in wholesale costs and have done absolutely nothing about it.
“Labour has consistently said that the regulator should have the power to force energy companies to cut their prices when wholesale costs fall. We need action, not another inquiry.”
“If this Government won’t put an end to rip-off energy bills and give the regulator the power to cut prices, then the next Labour Government will.”