Utility bills still high despite significant drop in wholesale prices

British homeowners are still paying excessively high energy bills despite a significant drop in wholesale energy prices over the past few months, a news report can reveal.

The report suggests that, despite wholesale energy costs having dropped to 2005 lows, the cost of the average bill has remained unchanged for more than two years. In fact, the average annual dual fuel bill of £1,265, based on energy use in an average household, remains unchanged from January 2014.

One important point is that wholesale prices do not make up all of the costs of delivering gas to a home. As Ofgem's breakdown of the costs reveals, wholesale gas costs accounted for around 56pc of the total cost of delivery in 2013.

In terms of who can benefit from possible cuts in their energy bills, business customers are among those facing cost savings well beyond those seen by domestic customers. Typically, firms are able to negotiate contracts with energy suppliers, meaning that the business-to-business market is more competitive than household supply.

Energy experts at Utilitywise have said that gas bills could fall by 20pc, whereas domestic bills are set to drop by just 10pc.

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