MP CALLS ON ENERGY COMPANIES TO GO FURTHER TO CUT BILLS
January 12, 2012 1:56 PM
MP CALLS ON ENERGY COMPANIES TO GO FURTHER TO CUT BILLS
Redcar MP Ian Swales has today said energy companies must do more to help people with their bills.
In the last 24 hours both EDF have agreed to cut its gas bills and British Gas has agreed cut its electricity bills both by 5%. Industry experts believe that the rest of the 'Big Six' energy companies will now follow suit.
EDF raised its gas prices by 15.4% and electricity bills by 4.5% last year. This compared to rises by British Gas in August 2011 of 18% for gas and 16% for electricity, and similar moves by all the other major suppliers.
Last year the energy regulator Ofgem proposed major reforms to the energy market, revealing that utility companies had increased their profit on customers who buy both electricity and gas by 733%.
Last July, British Gas announced 'adjusted' half year profits of £1.3bn for the first six months of 2011.
Ian said: "Energy companies treat hard working people like cash cows. The big six energy firms hike up prices when they want and then only cut bills by a fraction of the price. This has to end. We need to really look at how these tariffs are implemented and make sure that these exorbitant price rises are finally curbed."
Energy Secretary Chris Huhne commenting further said: "Some big energy suppliers were quick to pass on rising costs last year and it is only right that they should now pass on cost reductions to hard-pressed householders as quickly as possible. I urge the remaining four large energy suppliers to follow suit and give consumers some respite this winter."
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