Rip-off energy prices are here to stay, even though watchdog has slammed the Big Six
Big firms are skilled at increasing profits while millions struggle with fuel poverty
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Despite the damning report published by the Competition and Markets Authority (CMA) yesterday, the energy industry is likely to continue ripping us all off for many years to come.
We’ve seen so many reports criticising the Big Six suppliers, from government, consumer groups and the energy watchdog itself. In fact Ofgem became so fed up at proving unable to control the excesses of the industry it asked the CMA itself to conduct an investigation.
Despite the report, which revealed that around 70 per cent of people remain on unfair tariffs, I expect little to change. The CMA plans to get Ofgem to set up its own comparison site to help people find an independent, presumably not-for profit, answer to finding the best deal.
But, as we’ve discovered in the past, the big firms are skilled in finding ways to boost their ever-growing profits while millions in fuel poverty struggle to be able to heat their homes. The problem is that buying gas and electricity has changed in recent years.
Where we once paid what seemed a fair price to a responsible state-owned monopoly, since British Gas’s privatisation in 1986, most of us have ended up being charged an unfair price by a near-monopoly of six. Anyone who has remained loyal to British Gas since 1986 and remained stuck on its standard tariff will by now have paid thousands of pounds more than they needed to heat and light their homes.
And don’t think that’s just a handful of people. Millions have quietly carried on paying through the nose for needlessly expensive energy while more savvy consumers have switched to another firm or even a cheaper tariff with their existing energy giant. If you think you might be paying too much, do something about it now and go online to find a better deal.
Switching isn’t the only solution, but it should be the starting point for millions to cut their energy bills. And that will be something to be thankful for when the cold weather strikes.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments