Energy customers overcharged £1.6 billion a year

edited 16 January 2012 at 6:10PM in Energy
5 replies 975 views
Former_MSE_GuyFormer_MSE_Guy Former MSE
1.7K Posts
I've been Money Tipped! Newshound! Chutzpah Haggler
edited 16 January 2012 at 6:10PM in Energy
This thread is to discuss the following news story:
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  • JubletJublet Forumite
    12 Posts
    When prices went through the roof last year we were told it was because the price of energy had to follow the price of oil (someone blamed the EC for this.) Oil had gone from about $70 to $160+ a barrel at that time.

    Now oil has gone down to about $60 a barrel, lower in the recent past, so why are gas and electricity not below where they were at the beginning of last year? It just doesn't add up.
  • wakeupalarmwakeupalarm Forumite
    992 Posts
    Part of the Furniture 500 Posts Name Dropper
    Forumite
    As usual the energy companies change their excuses again. When the price was going up it was because the price of oil had gone up.

    Now the price of oil has dropped they can't make that link anymore so they come up with the excuse that energy costs are only 50% of the cost of your bills. Why does the Government quango in charge let them get away with this?
  • The Govt don't give a flying f.....fig, that's why. They get their 5% from us, the country's finances are currently in a parlous state with huge debts and massively dwindling income tax revenues. They really NEED to make the money somewhere so they make a few noises about forcing suppliers to reduce their prices every now and again and hope that the electorate eventually forget.
    Call me Carmine....

    HAVE YOU SEEN QUENTIN'S CASHBACK CARD??
  • lol, I remember when BG posted profits of the year of £440m, Gordon Brown was quoted as saying he was considering a wndfall tax.

    I had the annual report at the time and noticed BG paid nearly £1bn in corporation tax and nearly the same again in carbon levy.

    The truth is out there & it doesn't come from the mouth of any politician.
  • Premier_2Premier_2 Forumite
    15.1K Posts
    10,000 Posts Combo Breaker
    Ofgem also disagree with the findings of Consumer Focus.
    ...
    Consumer Focus said its research was based on methodology and data from the regulator Ofgem, and showed that energy suppliers were overcharging customers by a total of £1.66bn this year.

    Ofgem said Consumer Focus had used its data incorrectly.
    ...
    "We cannot accept Consumer Focus' claim to have used our methodology for calculating wholesale costs," the regulator said.
    "They have borrowed some of it but they appear to have made assumptions that are simply wrong." ...
    http://news.bbc.co.uk/1/hi/business/8117962.stm

    Some existing threads already started on this subject:

    http://forums.moneysavingexpert.com/showthread.html?t=1775313

    http://forums.moneysavingexpert.com/showthread.html?t=1775427
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
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