ThinkMoney.com welcome Energy Supply Probe
on: October 24, 2008, 9:20 am
Release Author: ThinkMoney.com
Release Summary: Financial solutions Think Money welcome the Consumer
Focus Energy Supply Probe, saying that it would be a boost to
the many energy customers facing debt due to fast-rising energy
bills over the past year, and would hopefully lead to lower energy
costs for all.
Release Body: Financial solutions company Think Money
(http://www.thinkmoney.com) have welcomed
calls for energy providers to reconsider their prices following
the Consumer Focus Energy Supply Probe's findings about the industry,
and added that many energy customers pushed towards debt by the
rapid rises in energy prices stood to benefit from any agreement
to reduce prices.
their Energy Supply Probe, Consumer Focus, the new watchdog comprising
Energywatch and the National Consumer Council, have called for
“immediate action from energy companies to reduce their
prices in line with falling oil prices”, adding: “This
will be good not just for consumers, but for the whole economy.”
is currently estimated by Consumer Focus that around 5 million
British households are in fuel poverty – in which households
spend 10% or more of their total income on domestic energy –
with increasing numbers of people feeling the pressure of sharp
rises in the prices of electricity and gas over the past year.
oil prices have seen a huge drop in little over three months,
down from around $147 per barrel in July to the current price
of $66 per barrel. Drivers have experienced the benefits almost
immediately, with the lowest unleaded petrol prices at 99.8 pence
per litre at the time of writing, while airline’s fuel surcharges
have also been cut, according to the BBC.
prices of gas and electricity, which are traditionally closely
linked with prices of oil, have shown no such reduction in prices
– leaving many consumers “wondering why they are left
waiting”, in the words of Consumer Focus chief executive
to Consumer Focus, gas prices have risen by 51% since the start
of the year, while electricity bills are up by 28% - meaning the
average annual household energy bill stands at £1,308.
spokesperson for Think Money said: “The existence of the
Energy Supply Probe is of great reassurance to the millions of
billpayers who have been hit with severe rises in energy prices
over the past year, particularly those facing debt problems.
has been some justification for the price rises – oil prices
stood at $147 per barrel in July, and wholesale gas has also experienced
massive rises – but with oil now standing at less than $67
per barrel, and with petrol prices coming down, it’s unclear
why domestic energy prices have not also come down.
will hope that the Energy Supply Probe, combined with Consumer
Focus’ calls for immediate price reductions, will be enough
to ensure that their bills become much less of a burden in the
the Think Money spokesperson added that the potential
for forthcoming price reductions did not make existing debt
an any less serious issue.
have seen increasing numbers of people pushed into debt by rising
energy bills over the past few months. Because energy is an essential
cost, those people with low incomes have been unavoidably hit
hard by energy price rises, and many are finding that they can
no longer afford to pay their bills.
problem is made worse by higher levels of unemployment, and a
lot of people who previously had no trouble paying their bills
are finding that they are getting into debt because they simply
don’t have the spare income.
advise anyone struggling with debt to tackle the issue head-on
and seek expert debt advice as soon as possible.”
Details: Melanie Taylor - Head of Corporate Relations