Energy regulator backs customers over energy prices

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The UK's energy regulator has come to the aid of electricity and gas customers by asking the big six suppliers to be honest about any tariff changes they expect to make this winter.

Ofgem's chief executive Alistair Buchanana said he expects prices to respond to the recent fall in wholesale energy costs – good news for those looking to switch energy suppliers.

Mr Buchanan said the recent economic turmoil had put pressure on many households and the only way they could save money on their electricity and gas bills was by looking for a better deal online.

However, he claimed: "In a strong competitive market, we would expect prices to respond to such falls."

He added that there has been widespread "public dissatisfaction" with suppliers' recent response to the fall in wholesale energy prices.

"I believe you owe it to consumers, ahead of the winter, to explain how cost changes, including falling wholesale costs, are likely to bear on future energy bills," he concluded.

Last week, Ofgem proposed increasing the period in which customers can switch energy supplier following price changes.

Written by Carl Stevens

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