Britain 'a treasure island' for energy companies

Between 1 July 2019 and 31 December 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £479 or more.

Britain is being treated "like a treasure island" by major European energy companies, according to energywatch.

The UK's industry watchdog has stated that suppliers are raiding the UK for cheap excess gas in the summer and are then selling it back when it is more expensive in winter.

According to the Daily Express, these moves by major energy firms may be why energy customers in Britain have been hit by higher bills at the start of this year.

Speaking to the newspaper, energywatch's campaigns director Adam Scorer said: "The big European energy companies treat Britain like a treasure island.

"Ever since the British market became more exposed to continental prices that has been happening."

Mr Scorer's comments come after he stated that recent figures from Ofgem on the number of people in the UK switching energy deals were "good news".

The research by the energy regulator found that 5.1 million customers have changed gas and electricity providers or tariffs in the past 12 months.

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