The voice of the energy industry

Energy UK response to the Which? report on wholesale prices

In response to the report from Which?, Lawrence Slade, chief executive of Energy UK said:

“Customer deals are falling in price – over £100 cheaper than this time last year. The Which? calculations are based on very many assumptions and do not reflect the cheaper deals we are seeing. Which? points out that each company allocates their costs differently and this makes it difficult to estimate wholesale costs and hedging strategies. Indeed its hedging assumptions for 2013 are different from Ofgem’s report based on the companies’ actual accounts. Costs are coming down but, because energy companies buy ahead to fix prices and to plan with certainty, the gas and electricity we are using today has already been paid for.”

 

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