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Energy News
UK energy prices rising twice as fast as Europe’s
Thursday 6 November, 2008
By hazel.cottrell@consumerchoices.co.uk
Gas and electricity prices in Britain have risen twice as fast as the European Union average, according to figures released yesterday.
Utility prices in the UK have soared 29.7% in the past year, compared to the average EU rise of 15%, according to the latest inflation report from the Organisation for Economic Co-operation and Development (OECD).
The figures showed that German bills increased by 12.2%, while French customers experienced a price hike of 14%.
Ed Mayo, chief executive of new energy watchdog Consumer Focus (www.consumerfocus.org.uk), expressed concern for those hit hardest by the recent price hikes. He told the BBC: “The UK has a relatively free market, but the freedom to cut prices in the early years now seems to be the freedom to raise prices with impunity.
“Of course, those least able to afford it suffer most. The suppliers must offer their most vulnerable customers social tariffs and reduce prices generally at the earliest opportunity.”
In defence of the UK’s energy prices, Garry Felgate, chief executive of the Energy Retail Association which represents major energy suppliers, said: “What the OECD’s figures fail to demonstrate is that British customers have enjoyed historically low prices compared to Europe and indeed the rest of the world.
“We are no longer an energy island. With increased demand from growing economies such as India and China, the prices we pay for our energy are more vulnerable to fluctuations across the world.”
Chris Eagle, commercial manager at EnergyChoices.co.uk,/b> said of the new report: “These figures are certainly worrying. While Ofgem (www.ofgem.gov.uk) and the government are both putting pressure of energy suppliers to keep prices down, it has never been more important to compare energy tariffs to ensure you are on the cheapest deal and minimise the effect of price hikes on your energy bill.”
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