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Energy Prices To Drop

Thursday, February 8th, 2007 at 15:24 by RJ Barker

In an effort to stop hemorrhaging customers, energy giant British Gas have announced they intend to drop gas prices by 17% and electricity prices by 11%. This move has raised hopes that other energy suppliers may buck last year’s trend and do the same.

For a long time British Gas has been one of, if not the most, expensive suppliers on the market. Which, to be quite frank, is downright unfair as they are also the last ditch supplier; if no one else wants your custom British Gas have to take you. The poorest consumers were essentially being penalised for their situation.

Gas wholesale prices have recently dropped by 50%. Although that’s a simplification of how the energy market works, as suppliers buy on day-to-day prices, it still means we can hope for further reductions in the future.

Centrica chief executive Sam Laidlaw said British Gas are now offering the, “lowest prices on the street” and have introduced a new social tariff for “very vulnerable customers”. Although I suspect keeping hold of customers is more likely to be the impetus behind this price drop than an attack of social conscience.

It’s thought that most other suppliers will follow in British Gas’ footsteps. Although that was news to the salesperson who tried to switch my supply over this morning. She was quite firmly sticking to yesterdays facts on this matter.

I’m off to turn up the heating.

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One Comment on “Energy Prices To Drop”

  1. DannyMackay Says:

    Is this good news for consumers or bad news for the environment? ;)

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