Big six under fire over 'energy bills rip-off'

Energy regulator Ofgem says the biggest companies are ‘overcharging in many cases’ as wholesale oil and gas costs plunge

A coalition of poverty groups, industry experts and politicians have piled new pressure on the big six energy suppliers to cut their bills, accusing them of ripping off customers at a time of steep falls in company wholesale costs.

The outburst of anger against the big six came as cold weather and huge declines in oil prices focused attention once again on an industry which has been out of the limelight due to an ongoing investigation by the Competition and Markets Authority (CMA).

With the industry regulator expressing concerns about profiteering, John Dickie, director of the Child Poverty Action Group in Scotland, demanded change: “When Ofgem is so clear that customers are being overcharged it has to be time for energy companies to cut their prices. The longer they delay the longer children suffer the ongoing damage that growing up in cold homes does to their health and wellbeing.”

Caroline Abrahams of Age UK said switching to other providers could be difficult for some and the big six should pass on savings: “Many older people will be feeling anxious about the current cold snap, not least because high heating costs are prohibitive for many, resulting in large numbers of older people finding it virtually impossible to stay adequately warm. This contributes to our country’s shameful record on winter deaths – worse than colder countries like Sweden.”

http://www.theguardian.com/business/2016/jan/15/big-energy-firms-overcharging-customers-says-ofgem-watchdog

"This contributes to our country’s shameful record on winter deaths – worse than colder countries like Sweden.”

That, says it all really!

It's funny, I used to debate hard-core capitalists all the time, and they always insisted that falling prices always always always benefit the consumer directly.

Here in the States, we had all been expecting grocery prices to drop since fuel has become so cheap. They seem to be going up, however.

I can't work out the economy Ben. Just when I think I might have a handle on it.....it starts to make no sense again

Ben_Reilly wrote:It's funny, I used to debate hard-core capitalists all the time, and they always insisted that falling prices always always always benefit the consumer directly.

Here in the States, we had all been expecting grocery prices to drop since fuel has become so cheap. They seem to be going up, however.

Capitalism inevitably strives for monopoly. It's the law of the free market.

To think they broke up British Gas to introduce more competition. It didn't seem to do much good did it? I don't suppose consumers gave a toss about all he people who were made redundant though.

Over here American Telegraph & Telephone (ATT or Big Bell) was a big conglomerate having several regional subs known as Baby Bells.  The government broke ATT up and then Southern Bell (SBC), one of the Baby Bells, began to buy up the pieces.  When SBC owned all the pieces they consolidated and changed their name to American Telegraph & Telephone (ATT).

Other than the stockholders, what has changed??  Capitalism inevitably strives for monopoly.