Cuts to energy bills could have been much higher, research suggests

The recent price cuts announced by the UK’s largest energy suppliers should have been significantly higher, recent research published by consumer group Which? has been able to reveal.

Research found that householders on standard energy tariffs were £145 worse off last year, which amounted to a staggering total of £2.9 billion.

Furthermore, the group revealed that the latest round of price cuts operated by the UK’s largest energy suppliers should have been greater, between 8.8% and 10.3% “if they were aligned with wholesale energy costs”.

Electricity prices could also have been reduced by up to 10% – saving consumers at least £1.6 billion a year, the research revealed.

Which? Executive Director Richard Lloyd said: “Our analysis places a massive question mark over how suppliers have been setting prices over the last two years. They now need to explain to their customers why bills don’t fall further in response to dropping wholesale prices.”

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