In the News - Energy companies
Consumers suffering from the big six energy companies
The consumer watchdog, Energywatch has accused the gas and electricity industry as being a "comfortable oligopoly". Allan Asher, the Chief Executive of Energywatch briefed a parliamentary select committee charged with investigating accusations that energy companies are quick to pass on price increases from the wholesale energy markets but slow to cut prices when wholesale prices fall. Mr Asher told MP's that consumers were suffering because the six big energy companies had no incentive to compete and they engaged in tactical collusion. He pointed out that 10 years ago there were 20 energy suppliers and now there are just six and the price for dual fuel on direct debit (the most popular product) was less than £30 per annum between them.
This comes as prices in the UK are rising faster than anywhere in Europe and the big six energy companies are expected to put up their prices again this summer. Mr Asher calls for the industry to be investigated by the Competition Commission.
(Sources: Times Online Guardian.co.uk Telegraph.co.uk)
Rate these businesses/organisations:
- Energywatch (-.--)
- British Gas (-3.89
) - EDF Energy (-1.81)
- E.ON (1.40
) - Npower (-3.92)
- Scottish & Southern Energy (4.23)
- Scottish Power (1.55)
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21-May-2008 09:27:07
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