- Tuesday, 22 September 2009The UK's six largest energy suppliers have rebuffed claims that their prices are too high when compared to wholesale costs and should be reduced.
In responding to an Ofgem letter distributed in August, British Gas has even suggested that prices are in fact "likely to increase".
With many households still struggling with poor recession-related finances, increases in prices could prove to be a bill too far and the number of people entering into
individual voluntary agreements (IVAs) could increase.
The six responses, none of which recognise a need for price reduction, has led Which? to question how "genuinely competitive" the utility market is and how much choice the consumer actually has.
Clare Corbett, energy campaigner at Which?, said: "These statements by suppliers raise doubts over how genuinely competitive the UK energy market is and whether more fundamental reforms are necessary. We need genuine choice."
The Ofgem letter to the six energy companies earlier this year suggested that they "owe it to consumers" to offer an explanation on prices.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960