Profits at British Gas have risen as expected by 31%, announced this morning
David Hunter, energy analyst at Schneider Electric, energy management specialist, comments on the wider impact this has on consumer’s pockets:
“Although the ‘Big Six’ have only just completed a full round of gas-only price cuts, the results have been disappointing. With prices slashed by only 5% standard tariffs are little more competitive than they were, and still a long way off the fall in wholesale prices.
The profits announced from British Gas today will raise further questions about why more hasn’t been done to make energy prices truly competitive across the board. With ‘default’ standard tariffs still up to £450 a year more expensive than the best deals, consumers are still missing out on substantial savings and being left out of pocket as a result.
“The message consumers should take from this is simple: don’t stick your head in the sand. Shop around to find one of the many more competitive offers available in the wider market. Furthermore, invest some of the savings from those deals into energy efficient measures at home, like low energy lighting, or towards buying a greener car. Not only does this safeguard future family budgets but the action taken will force suppliers to compete more effectively.”