Wholesale UK gas and electricity prices averaged 10-year lows during Q1 of 2016, according to energy market pricing analysts ICIS.
Director of consumer policy Ann Robinson said the figures prove that consumers have been “short-changed yet again” by “token gesture” price cuts.
“Whilst any reduction is welcome, the fact remains that the average big six dual fuel bill has fallen a mere 5.7 per cent since the start of last year,” she added. “Given record low wholesale costs, suppliers must do the right thing and reduce standard tariffs by a further ten per cent.”
The big six energy suppliers all made cuts ranging from 5 to 5.4 per cent to their standard variable tariffs at the beginning of 2016., following pressure from energy secretary Amber Rudd.
Ex Labour leader Ed Miliband had promised to freeze prices for 20 months from 2015 until 2017 if Labour won the general election, saying the move would save consumers millions on their energy bills.
In its provisional findings report, the Competition and Markets Authority (CMA) slammed the companies for “profiting”, saying the cuts were “minimal” in comparison to the reduction in wholesale costs.
Source: Energy Solutions
Read Utility Week’s analysis – The big six domestic gas: too little, too late? – here