Despite this, prices of gas and electricity for consumers have been slow to come down leaving them with few options other than switching energy supplier online or using price comparison sites to find the best possible deal.
A spokesperson for ICIS Heren told the Guardian: "I would have thought that companies should be revising downward their household prices."
"Prices on the forward curve are a long way back from where they were last year," they added.
However, George Trefgarne, writer for the Daily Telegraph, claimed that energy suppliers are set to start dropping the cost of their electricity and gas soon.
He added that even if prices increase in the long-term they are unlikely to top 2008 levels.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.