Green Blue Red
$1.99 Domains* at GoDaddy.com

MARKET PLACE

Energy summit 'needs long view'

PDFPrintE-mail

OvenFigures on companies' profit margins have prompted claims and counterclaims

Consumer groups are calling for long-term commitments from the energy industry at a summit on gas and electricity prices at Westminster.

The meeting of industry bodies and others on Monday has been called by Energy Secretary Chris Huhne.

Last month, Mr Huhne said he planned to "get tough" with the major energy firms on gas and electricity tariffs.

Regulator Ofgem has just revealed a rise in firms' profit margins - figures challenged by the industry.

Ofgem also announced plans to simplify tariffs in order to allow customers to compare prices more easily.

Prices

The cost of gas and electricity has risen by up to 18% in the past few weeks, with the cheapest dual-fuel deals - for those with online deals - having broken the £1,000 barrier for the first time.

This prompted the Department of Energy to call the summit to examine ways in which customers can take action to save money.

But the consumers' association Which? said the meeting should look at more fundamental factors affecting the market.

"This summit has to address longer-term issues too, like being clearer about what is driving price increases and identifying ways for energy companies to start rebuilding trust with consumers," said executive director Richard Lloyd.

"We need commitments from suppliers and the government to put an end to practices that harm consumers and action to create a competitive energy market that works for everyone."

Mike O'Connor, chief executive of watchdog Consumer Focus, said: "With winter round the corner, millions of people across the country will be worried about their energy bills.

"Many of the most vulnerable households will be facing difficult decisions about whether to heat their homes or cut back on other essentials.

"Government, energy firms and consumer organisations have a responsibility to make sure that consumers get all the help they need to cut their bills. We are committed to doing what we can to make sure consumers can keep warm and control their costs."

Simplification

On Friday, Ofgem said that the profit margin for energy firms had risen to £125 per customer per year, from £15 in June.

But the industry said that the snapshot of profits did not provide a realistic picture of the average profits over a year.

The regulator also published its simplification plan, which said suppliers would be forced to have no-frills tariffs, which would consist of a standing charge - fixed by the regulator - plus a unit charge for energy used.

It means that the only number consumers would have to compare between suppliers would be the unit energy charge.

Ofgem will publish its detailed proposals for consultation next month and hopes to have implemented some of its reforms in time for winter 2012.

Read more:


Related news items:
Newer news items:
Older news items:

Search Box

Login / Sign up

New Products & Services

  • JustBeenPaid Scam Or Legitimate?
    JustBeenPaid Scam Or Legitimate? Hi, this is ThinhLC – I just wanted to do a quick post today addressing the question is JustBeenPaid A Scam? There are a lot of people around the internet saying this is a ponzi scheme, pyramid scheme, and or some other type of scam. One thing I found in common with all of the people making this claim… they have never joined JustBeenPaid. Now, I know some of you are thinking, yeah, well I wouldn’t
    Written on Monday, 14 May 2012 10:59 in Affiliate Marketing Be the first to comment! Read 11 times Read more...
  • Rocket Piano - Learn Piano Today!
    Rocket Piano - Learn Piano Today! Dear Pianist, Would you love the ability to sit down at your piano and just play the songs you hear and enjoy. Are there songs you want to play with your church? Perhaps you want to write and perform your own music? Whatever your reasons are for learning Piano, Rocket Piano WILL work for you, and its FUN! Click Here!
    Written on Monday, 19 March 2012 05:51 in Music Be the first to comment! Read 37 times Read more...
  • Jamorama Learn Guitar Product
    Jamorama Learn Guitar Product What Will Jamorama Do For You? Master The Guitar in The Comfort of Your Own Home With Jamorama you get all your guitar lessons on your computer in our easy to use digital book format so you can master the guitar without leaving home. Click Here! Our lessons download to your computer in seconds so you can start learning to master the guitar immediately. Even if it's 3am...
    Written on Monday, 19 March 2012 05:31 in Music Be the first to comment! Read 40 times Read more...
  • Trick Photography And Special Effects E-book
    Trick Photography And Special Effects E-book Trick Photography & Special Effects 2nd Edition - Your complete instructional guide on taking breathtaking special effects shots and cool images your friends won't believe... It comes with 295 pages of instruction, 9 hours of how-to video tutorials, and contains over 300 creative photographs created by some of the most talented photographic artists around the world. It's time for you to skip the months and years of being one of those enthusiast photographers - you know those poor guys who read all the magazines but doesn't have enough time to invest in getting the skills he really wants... ... you'll be…
    Written on Monday, 19 March 2012 05:24 in Photography Be the first to comment! Read 39 times Read more...
  • Dubturbo - Urban Beat Production Software - Sick Conversions!!
    Dubturbo - Urban Beat Production Software - Sick Conversions!! "When I Said 'Check Out My Beats' They All Laughed At Me.. ..Until I Pressed The Play Button.. Now They BEG For My Secret!"  It doesn't matter if you've never made beats before, or if you haven't touched a sequencer in your life, because as of right now - you're starting the transition from novice - to billboard level hit making producer! "As soon as I started, I played back the first few beats I created and was EXTREMELY IMPRESSED! I had no idea how easy it was to make the same quality beats I hear on the radio and in the clubs!"…
    Written on Monday, 19 March 2012 05:19 in Music Be the first to comment! Read 41 times Read more...

Joomla Templates and Joomla Extensions by JoomlaVision.Com
  • Art

  • Dance

  • Fashion

Joomla Templates and Joomla Extensions by JoomlaVision.Com
  • Lottery

  • Poker

  • Soccer

Betting

Arts & Entertainment

Business / Investing