Ofgem try to shame energy suppliers into price cuts. Fail.
As summer begins to fade away, our thoughts turn to its mortal enemy, winter, and more specifically, how the hell are we going to afford to heat the house during the chillier months.
Despite a recent drop in the wholesale cost of energy, there has been no significant price cuts for gas and electricity users over the past few months. Now the chief executive of energy watchdog Ofgem has written an open letter to the big six UK domestic suppliers, basically urging them to pull their collective finger out and cut their tariffs.
Ofgem’s Alistair Buchanan roared that wholesale costs were expected to drop further, hissing: “In a strong competitive market, we would expect prices to respond to such falls.
He went on to growl: "You will be familiar with these trends and also aware of some public dissatisfaction with suppliers' response so far to wholesale price reductions."
True to form, the energy suppliers have covered their ears and gone ‘Na na na na na na na na!’ hoping the fuss will all go away. Garry Felgate, chief executive of the Energy Retail Association (ERA), which represents the suppliers, said: “The suppliers need no reminding of the importance of pricing to customers.”
"We have seen energy prices falling for the vast majority of customers this year. Despite these falls the wholesale market still remains volatile and a challenge for energy suppliers coming up to the winter. Customers have been protected from the massive rises in wholesale prices last year, price rises that were not fully passed on at the time."
We should all stop complaining. Seems like they’re doing us all a favour really. Sorry, energy men. Have some more pensioners' money.