Npower has today become the 4th company to announce a price cut of 5% from the beginning of February. British Gas has cut its electricity prices by 5%, SSE has said it will cut gas prices by 4.5% in March and EDF Energy has cut its gas bills by 5% after a decline in wholesale prices.
It is thought the other energy firms will follow suit with similar price cuts. However, none of the four companies out of the ‘Big Six’ has reduced prices for both gas and electricity prices.
Also released recently was a report from the consumer group Which? that stated that the six major energy companies received over four million complaints in 2011, with billing being a common problem for customers. However, most don’t make a claim for compensation and as a result, £4 million of compensation remains unclaimed.
Danny Jatania, CEO of Pockit said that they welcome the cuts in energy bills, but there are still more ways for Shropshire customers to enhance savings.
He said, “Whether the energy companies increase or decrease their prices, there will always be a large contingent of people who are paying over the odds for their gas and electricity and savings can be made by shopping around. Customers shouldn’t simply be searching in terms of price comparison, they should also pay closer attention to other benefits they can receive from the energy firms that will help them save money. For example, many cashback rewards can be generous and are definitely worthwhile. Some companies are also fitting smart meters that will help local customers to save money by providing accurate bills.
“Quite often, customers begin to make savings when they are aware of their bills and the current prices they are being charged but the report from Which? shows that too many costumers aren’t taking this seriously enough. Once all the energy firms convert to simpler pricing structures, it will be much easier for customers to assess how much they are paying and how their payments can be reduced.â€
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