Suppliers urged to cut gas and electric bills
26 February 2010 16:12:19
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| Energy firms have been told to cut their prices. |
The demand follows the news that British Gas residential profits have risen from £376m in 2008 to £595m in 2009.
In response, the consumer body has urged suppliers to "play fair", as the soaring profits have come at a time when wholesale costs have fallen.
Philip Cullum, deputy chief executive at Consumer Focus, said that there are "no excuses" for energy companies not to cut gas and electric prices.
The expert pointed out that British Gas is the only major supplier to have cut prices over the past seven months, a situation that he believes shows the market to be "devoid of competitive pressure".
British Gas announced an immediate cut in gas bills earlier this month, claiming that the average customer would save £55 per year.
The decision represents the company's third cut in gas and electric prices in the past 12 months.
Energy and climate change minister David Kidney said that energy firms should be celebrated for making profits, but urged them to cut their prices to help "struggling" members of the public.
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