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Energy price cuts do not go far enough

March 7, 2012 4:32 PM
By Peter Black in Seaside News

Forty one percent of households in Wales are in fuel poverty, which is the highest in the UK. One of the main reasons has been the price hikes that the energy giants have imposed on us all over the last two years.

Recently, most of the big six energy companies have cut the price of one fuel only. For instance, British Gas has only cut electricity prices, EDF and SWALEC have only cut gas prices. British Gas has twice as many gas-buying customers as electricity customers. EDF and SWALEC have many more customers who buy electricity than gas. That does not appear to be a coincidence.

When prices went up, gas and electricity prices rose together. That is not the case when we experience price cuts. Wholesale fuel prices have fallen from their 2011 peak by 19% for gas, and 25% for electricity, and yet we are only being offered a 5% reduction that will come into effect as winter ends, and fuel use falls.

If the energy companies were serious about playing their part to tackle fuel poverty they would reduce prices across both fuels, increase the size of the cut to reflect their falling costs, and introduce it immediately.

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