Watchdog demands energy market overhaul
11 March 2010 09:42:53
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| Energy companies 'lack transparency'. |
Peter Vicary-Smith, chief executive of the organisation, said that recent cuts in gas and electric bills would be welcomed by consumers, but that more needs to be done.
"There's no transparency in how energy companies set retail prices, so it is impossible to tell whether these cuts represent a fair deal for consumers or energy companies trying to placate their customers after a long, cold winter," he argued.
Mr Vicary-Smith made his comments after npower became the fourth major UK energy supplier to announce a fall in its gas prices.
The company, which has approximately 2 million residential gas customers, will reduce standard bills by up to 7% later this month.
Eon is also lowering its standard gas tariff by 6% from the end of March, while British Gas and Scottish & Southern Energy have reduced their tariffs by 7% and 4% respectively.
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