Added: Mar 1, 2010
From: eurodebtuk
Duration: 1:17
Energy companies are threatening to stop investing unless a planned inquiry into excessive prices being charged to households is called off. The recession has seen debt caused by soaring utility prices increase sharply and yet last week British Gas announced profits of £595 million for 2009, up 58 per cent from the previous year. A recent report by energy watchdog Ofgem warned that an average dual fuel household tariff rose by £30 a month from November last year to February. The energy companies' threat to stop investing if the Competition Commission's investigation goes ahead produces a double bind for consumers. At the start of February, Ofgem warned that without £200 billion of investment to upgrade power plants, equipment and new supplies, British families could be looking annual energy bills of £2,000 by 2016. But many commentators and debt organisations have condemned the big companies' threat as a way of keeping prices and their profits high, pointing to similar threats made two years ago when they last staved off a similar investigation.EuroDebt director Vance Parsons says they would "recommend that anyone who hasn't looked at energy switching to do so. We offer a whole of market comparison site at www.energyswitching.co.uk, which is free and easy to use. For those in financial difficulties then this may release disposable income to target debt problems."
Channel: News
Tags: news
Rating: n/a Views: 15 Comments: 1
sweetypie000 Says:
Apr 28, 2010 - nice profit yet pensioners froze over christmasnice