Dermot Nolan, the chief executive of Ofgem, today told the BBC that the best tool available to energy customers in the fight against rising energy costs is to switch to a better deal.
This advice was given in response to the news that energy firms are overcharging customers in many cases as energy prices are failing to fall in line with dropping wholesale costs. Within the past eighteen months, wholesale energy prices have fallen by about a third however these savings have not been forwarded on to domestic energy customers.
At the end of 2015 wholesale gas and electricity prices hit a five-year low, so pressure is mounting on the big six energy suppliers to cut their prices in line with the drop in wholesale prices.
If you’d like to take Mr Nolan’s advice and look to switch your home energy for a better deal, get in touch with us at UKPower.co.uk and see how we could help you save on your energy bills.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.