'More transparency needed in energy market'

Between 1 July 2019 and 31 December 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £479 or more.

More transparency and competitiveness is needed in the British energy market, it has been claimed.

According to consumer rights group Which?, the true cost of wholesale energy should be made public so people can see whether they are getting a fair deal.

Clare Corbett, an energy campaigner at Which?, said that energy suppliers are subjected to the market and cannot control the price of the electricity and gas they buy, but at the moment consumers are left completely in the dark as to what the true cost of their energy is.

According to moneysavingexpert.com, wholesale energy prices are likely to increase in the long term as global demand for electricity and gas grows.

However, Andrew Horstead, from energy consultancy Utilyx, told the news provider that people who switch their energy supplier online could make significant savings in the short term.

"Suppliers are under increasing pressure to pass on the drop in wholesale prices," Mr Horstead claimed.

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