Households are overpaying on their energy bills by £220 a year as the Big Six set tariffs at the price cap limit. Almost 10 million households across the UK have lost more than £2.2billion in savings on their energy bills this year alone, new research has revealed. Customers stuck on standard variable tariffs with Big Six suppliers will pay on average £220 more over the course of the year than they would if they had switched to a cheaper deal, according to energy provider Bulb. Although the energy price cap has recently been lowered by £75 to bring the level to £1,179 a year for customers on default tariffs in an effort to prevent large bill increases, the Big Six are still being accused of using the cap as a target rather than a limit. Eon, EDF, SSE and Npower have all set their SVTs at the cap limit, £1,179, as of October whilst Scottish Power and British Gas have set their prices just marginally below at £1,178 and £1,177, respectively.
This is Money 11th Sept 2019 read more »
FT 12th Sept 2019 read more »