EDF, E:ON and npower open to price inquiry

Between 1 January 2020 and 30 June 2020, people who switched energy supplier for both gas & electricity with Uswitch saved an average of £387.

In the aftermath of a spate of recent criticism regarding rising energy prices, three of the “big six” energy suppliers have stated that they would welcome an inquiry into prices, according to an article published by This Is Money.

EDF, E:ON and npower have all reacted positively to the idea, following Energy Secretary, Chris Huhne's accusation that consumers were being taken advantage of with predatory pricing tactics.

Chief Executive for RWE, the German group that own npower, Volker Beckers stated that a Competition Commission inquiry could bring the clarity needed in the current climate. Defiantly, he also added: “We have nothing to hide.”

Meanwhile British Gas' owner, Centrica, is reported to be against any possible inquiry.

Director for external affairs at Consumer Focus, Adam Scorer, stated that energy suppliers were now starting to realise that there was a considerable level of distrust amongst consumers towards them.

He also added: “The reality is that there are no cosmetic solutions which will turnaround consumer confidence in suppliers. 

“Trust will return if companies treat consumers fairly, justify why bills are high, customers are supported in reducing their bills and if people see Government and regulators tackling the big challenges that consumers face,” Scorer finished.

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