Energy prices 'could drop in coming months'

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Consumers could benefit from large reductions in energy prices over the coming months, according to one industry expert.

David Hunter, from energy consultants McKinnon & Clarke, told the Daily Mail the big six energy firms in the UK enjoy a "stranglehold on the power market", which "does not work".

The energy expert added that gas and electricity prices are linked to oil prices and it takes time for consumers to see price drops following reductions to wholesale costs as many power companies buy "several months in advance".

Mr Hunter did however state that there should be room for "double digit" drops in energy prices "as soon as next month".

He said: "It is clear there will be room for reductions in prices, and there will be huge political pressure for them to act."

Leading energy firm E.ON recently announced it was reducing its annual electricity bills for consumers not on a mains gas supply by £14 per quarter.

The drops apply to its customers in the East Midlands, east of England and the north-west.

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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