Gas and electricity prices could fall by 15%

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Consumers looking to switch their energy supplier online could benefit from significant prices decreases in the short term, it has been claimed.

Speaking to, Andrew Horstead, from energy consultancy Utilyx, said prices could drop by as much as 15 per cent in the near future.

However, he claimed that in the long term prices will increase – which means comparing costs online to try and get the best possible deal is becoming more important.

Mr Horstead told the financial advice website: "Over the longer-term, as global energy demand improves and [wholesale] prices increase, reflecting higher demand, we believe it is inevitable retail prices will rise again.

"Suppliers are under increasing pressure to pass on the drop in wholesale prices although, with the exception of single digit drops at the start of the year, they have been reluctant to do so."

Meanwhile, the National Environment Agency recently announced that consumers can cut their electricity bills by replacing old appliances with new energy efficient ones.

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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