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Energy News
Energy giants hint at price cuts
Thursday 12 February, 2009
By becca.talbot@consumerchoices.co.uk
Energy firms dragging their heels over price cuts were forced to show their hand at a meeting of the Energy and Climate Change Committee.
Three of the “big six” energy suppliers, E.ON (www.eonenergy.com), Scottish Power (www.scottishpower.co.uk) and EDF (www.edfenergy.com), have promised to follow British Gas and Scottish & Southern Energy and cut home fuel prices.
There was no indication of when the suppliers will lower bills though, during the meeting of the Energy and Climate Change Committee yesterday.
E.ON commercial director Jim McDonald told members of the Committee he was “very optimistic” about lowering prices, given that wholesale costs had come down. While refusing to go into details, he said: “We would hope to see something soon.”
Chief executive Nick Horler also hinted at price cuts for Scottish Power customers: “We are very well aware that two of our largest competitors have set dates from which decreases will take place and we don’t want to lose customers, and therefore we are looking to move soon.”
And Martin Lawrence, commercial director at EDF, added: “We are also actively looking at prices and expect to move our prices soon.”
However, npower company secretary Guy Johnson was less clear about the prospect of similar cuts in standard pricing, and hasn’t hinted at any price cuts.
The energy companies were forced into showing their hand after MPs demanded to know why they have delayed following the British-owned companies British Gas and Scottish & Southern Energy’s lead.
Chris Eagle, commercial manager at EnergyChoices.co.uk said: “Finally there is some indication that energy suppliers will be passing on falling wholesale costs to their customers, however knowing when prices will fall is still unclear. The level of price cuts is also disappointing. We’ll have to wait to see if any of the companies deliver.”
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