Energy firms 'committed to price drops at earliest possible opportunity'

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The Energy Retail Association (ERA) has said it is looking to lower energy prices at the "earliest possible opportunity".

Speaking in response to comments from energy secretary Ed Miliband, the association, which represents the six major energy firms in Great Britain, said the companies have already made it clear they are looking at reducing gas and electricity prices.

Mr Miliband has said that drops in wholesale prices should result in price cuts being passed on "immediately" to consumers.

The ERA has stated there will "always be a time lag" between wholesale price drops having an effect on customers' bills as the gas being used today "may have been bought back in the summer or even earlier", when prices were at record highs.

It added: "However, in a competitive energy market all energy companies want to win your custom and will be looking to lower prices at the earliest possible opportunity and they have already made this clear."

Research by industry watchdog Consumer Focus found that people living in Plymouth pay the highest fuel bills in England, according to the Plymouth Herald.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

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