Electricity and gas prices sustain energy suppliers

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The energy sector appears to be performing well despite the recession and ongoing global economic downturn.

According to United Utilities, its profits will remain in line with management forecasts.

The industry has been subject to a lot of heavy criticism of late due to high energy prices and delays in companies passing on wholesale energy savings to their customers.

However, bills are starting to fall, and npower became the last of the big six firms to announce a reduction in its energy tariffs last week.

Commenting on the price reductions, Kevin Miles, npower retail's chief excutive officer, said: "Wholesale prices are still higher than in 2007 but we are determined to reduce prices for our electricity customers.

"This reduction follows our price cuts for gas pre-payment customers in December."

He added that gas and electricity pre-payment customers would no longer pay a premium for their energy when compared with the company's standard tariffs.

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