The Hero
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- Jun 29, 2008
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David Cameron will today read the riot act to Britains biggest energy companies amid fresh warnings that electricity bills are to soar by another £300.
The Prime Minister has summoned the six electricity giants to Downing Street to drive down prices over the winter.
Mr Cameron will unveil a four point plan to help cash strapped consumers.
He stepped in after regulator Ofgem found widespread overcharging and a lack of transparency about which of the dozens of different tariffs each household should be on.
Figures last week showed annual bills have now risen to £1,345 a year for the average household double the £740 of five years ago.
A report published today by green group Friends of the Earth says if gas and coal costs rise in the coming decade by the same amount as they did between 2000 and 2010, the nation would face an additional bill of £8billion a year by 2020 to generate electricity, costing the average householder an extra £300.
Electricity bills rose by 30 per cent in real terms between 2000 and 2010, while gas bills jumped 78 per cent. The rises were largely due to increased costs of coal, which rose by 71 per cent, and natural gas, which rose 90 per cent, in the decade, Friends of the Earth said.
The Prime Minister will pile pressure on the Big Six British Gas, EDF, Eon, Npower, Scottish Power and Scottish & Southern to ensure consumers know about the potential savings they could make from checking they are on the cheapest energy deal and switching supplier.
He will demand that they sign up to an agreement to provide prompts on how to find the cheapest tariffs, to appear on all bills within weeks.
Mr Cameron will also insist that free or heavily subsidised insulation, delivered by the energy companies, is available to the most vulnerable households this winter.
Under government plans, a £120 energy bill rebate will be paid this year to more than 600,000 of our most vulnerable pensioners, on top of the winter fuel payment and cold weather payments.
The Prime Minister and Energy Secretary Chris Huhne will also spell out how they will give regulator Ofgem power to quickly implement reforms that will vastly simplify tariffs, so customers know which deal works best for them. Ofgem will also attend the summit.
Mr Huhne told BBC News: 'At the moment we've had some very big increases in electricity and gas prices, principally because of the very sharp increases in prices on the world markets.
'But consumers are not powerless. They can save up to £200 by switching, and that's absolutely key to try and help them make the market more competitive, because the best guarantee that you're getting value for money is to have more people bidding for your business.'
He said the Government is working with Ofgem to simplify 'dramatically' the number of tariffs.
'I'm determined that we have a much clearer, fairer and much more competitive retail market so that consumers can switch more easily with simpler tariffs and get better deals, and so we get new entrants into the market and that's what we're doing with the electricity market reform to bring new competition into the market,' he said.
'Not charities': Energy Secretary Chris Huhne said the Big Six are entitled to make profits, but need to be monitored
'These companies are not the Salvation Army, they are trying to make profits for their share-holders, and that's important that we in the Government work with Ofgem to make sure that these are genuinely fair and competitive markets.'
There is widespread public anger at the Big Six because their profits have soared while consumers have suffered. Three months ago they were making £15 a year from customers, now the figures is £125.
The coalition is aiming to get on the front foot on energy bills after Labour leader Ed Miliband attacked the 'rigged' market in Britain.
Power firm SSE seemingly heeded his call last week by announcing its power will be sold on the open market - rather than going straight to its own supply arm.
Experts estimate the move could bring significant savings for customers if the other five major players in the industry followed suit.
Today a Friends of the Earth-organised protest will see spoof representatives of the Big Six energy companies gather outside London's Liverpool Street Station to thank consumers for supporting sky-high profits through spiraling bills.
Friends of the Earth said the Big Six energy companies were not investing enough in green energy in the face of uncertainty over Government policy, while the market made it hard for new entrants to come in and compete, and pricing structures were hard to understand.
Friends of the Earth's executive director Andy Atkins said: 'The big energy companies have a lot to be thankful for - surging profits, bumper executive payouts and a Government that's bending over backwards to allow them to keep Britain addicted to fossil fuels.
'The Big Six are tipping the UK's energy system in favour of expensive gas while neglecting investment in clean energy and slashing energy waste which would give consumers a better deal in the long run.
'David Cameron must urgently set up a public inquiry into the power of the Big Six energy companies - ending their stranglehold over the UK's energy system will be good for consumers, good for business and good for the planet.'
In a joint article for the website moneysavingexpert.com, Mr Cameron and Mr Huhne said: Energy bills have increased by more than £100 for
most people since this summer. These price rises couldn't come at a worse time for consumers who are already feeling the pinch from rising petrol prices and the cost of the weekly shop.
Today we are bringing together the industry, consumer groups and Ofgem for an Energy Summit that will focus on getting people the help they need to reduce their bills in time for this winter.
Where does your money go?: Whole sale costs account for 45 per cent of your bill.
Our intention is for today's Summit to be the start of a much more active engagement with consumers, with us all working harder and faster to deliver an energy market that is trusted, simple and transparent. A market that puts the consumer first and gets these energy bills down as much as possible.
We are determined that everything that can be done will be done to help people bring their energy bills down.
A Downing Street source said: The Prime Minister wants to play a central role in sorting this out. He is determined that the big six energy companies do more to ensure that consumers dont pay over the odds.
Citizens Advice Chief Executive Gillian Guy welcomed the summit. She said: This summit must make it easier for customers to spend less on heating their homes. Big hikes in energy prices are a real worry for our clients and theyre looking for ways to cut costs.
In the last six months, double the number of people came to us for advice on saving money on energy bills compared last year.
But Shadow Energy Secretary Caroline Flint said: The Government's warm words won't heat homes during a bitter winter.
They're unable to take on vested interests, they won't tackle the spiraling prices imposed by the energy giants, they won't investigate the mis-selling of energy and they won't help the pensioners whose winter fuel payments have been cut.
Unless the out of touch Government gets to grips with the real issues at the Energy Summit, their only promise is a cold, costly winter for all.
Figures from Ofgem show the rise in suppliers' profit margins, as well as the corresponding price hike in fuel bills to over £1300 for customers
Looking for help: The Citizens Advice Bureau said that in the last six months, double the number of people sought advice on saving money on energy bills compared last year
Rising profits: The net margin line on this graph illustrates how energy supplier profit margins have soared in recent months
The Prime Minister has summoned the six electricity giants to Downing Street to drive down prices over the winter.
Mr Cameron will unveil a four point plan to help cash strapped consumers.
He stepped in after regulator Ofgem found widespread overcharging and a lack of transparency about which of the dozens of different tariffs each household should be on.
Figures last week showed annual bills have now risen to £1,345 a year for the average household double the £740 of five years ago.
A report published today by green group Friends of the Earth says if gas and coal costs rise in the coming decade by the same amount as they did between 2000 and 2010, the nation would face an additional bill of £8billion a year by 2020 to generate electricity, costing the average householder an extra £300.
Electricity bills rose by 30 per cent in real terms between 2000 and 2010, while gas bills jumped 78 per cent. The rises were largely due to increased costs of coal, which rose by 71 per cent, and natural gas, which rose 90 per cent, in the decade, Friends of the Earth said.
The Prime Minister will pile pressure on the Big Six British Gas, EDF, Eon, Npower, Scottish Power and Scottish & Southern to ensure consumers know about the potential savings they could make from checking they are on the cheapest energy deal and switching supplier.
He will demand that they sign up to an agreement to provide prompts on how to find the cheapest tariffs, to appear on all bills within weeks.
Mr Cameron will also insist that free or heavily subsidised insulation, delivered by the energy companies, is available to the most vulnerable households this winter.
Under government plans, a £120 energy bill rebate will be paid this year to more than 600,000 of our most vulnerable pensioners, on top of the winter fuel payment and cold weather payments.
The Prime Minister and Energy Secretary Chris Huhne will also spell out how they will give regulator Ofgem power to quickly implement reforms that will vastly simplify tariffs, so customers know which deal works best for them. Ofgem will also attend the summit.
Mr Huhne told BBC News: 'At the moment we've had some very big increases in electricity and gas prices, principally because of the very sharp increases in prices on the world markets.
'But consumers are not powerless. They can save up to £200 by switching, and that's absolutely key to try and help them make the market more competitive, because the best guarantee that you're getting value for money is to have more people bidding for your business.'
He said the Government is working with Ofgem to simplify 'dramatically' the number of tariffs.
'I'm determined that we have a much clearer, fairer and much more competitive retail market so that consumers can switch more easily with simpler tariffs and get better deals, and so we get new entrants into the market and that's what we're doing with the electricity market reform to bring new competition into the market,' he said.
'Not charities': Energy Secretary Chris Huhne said the Big Six are entitled to make profits, but need to be monitored
'These companies are not the Salvation Army, they are trying to make profits for their share-holders, and that's important that we in the Government work with Ofgem to make sure that these are genuinely fair and competitive markets.'
There is widespread public anger at the Big Six because their profits have soared while consumers have suffered. Three months ago they were making £15 a year from customers, now the figures is £125.
The coalition is aiming to get on the front foot on energy bills after Labour leader Ed Miliband attacked the 'rigged' market in Britain.
Power firm SSE seemingly heeded his call last week by announcing its power will be sold on the open market - rather than going straight to its own supply arm.
Experts estimate the move could bring significant savings for customers if the other five major players in the industry followed suit.
Today a Friends of the Earth-organised protest will see spoof representatives of the Big Six energy companies gather outside London's Liverpool Street Station to thank consumers for supporting sky-high profits through spiraling bills.
Friends of the Earth said the Big Six energy companies were not investing enough in green energy in the face of uncertainty over Government policy, while the market made it hard for new entrants to come in and compete, and pricing structures were hard to understand.
Friends of the Earth's executive director Andy Atkins said: 'The big energy companies have a lot to be thankful for - surging profits, bumper executive payouts and a Government that's bending over backwards to allow them to keep Britain addicted to fossil fuels.
'The Big Six are tipping the UK's energy system in favour of expensive gas while neglecting investment in clean energy and slashing energy waste which would give consumers a better deal in the long run.
'David Cameron must urgently set up a public inquiry into the power of the Big Six energy companies - ending their stranglehold over the UK's energy system will be good for consumers, good for business and good for the planet.'
In a joint article for the website moneysavingexpert.com, Mr Cameron and Mr Huhne said: Energy bills have increased by more than £100 for
most people since this summer. These price rises couldn't come at a worse time for consumers who are already feeling the pinch from rising petrol prices and the cost of the weekly shop.
Today we are bringing together the industry, consumer groups and Ofgem for an Energy Summit that will focus on getting people the help they need to reduce their bills in time for this winter.
Our intention is for today's Summit to be the start of a much more active engagement with consumers, with us all working harder and faster to deliver an energy market that is trusted, simple and transparent. A market that puts the consumer first and gets these energy bills down as much as possible.
We are determined that everything that can be done will be done to help people bring their energy bills down.
A Downing Street source said: The Prime Minister wants to play a central role in sorting this out. He is determined that the big six energy companies do more to ensure that consumers dont pay over the odds.
Citizens Advice Chief Executive Gillian Guy welcomed the summit. She said: This summit must make it easier for customers to spend less on heating their homes. Big hikes in energy prices are a real worry for our clients and theyre looking for ways to cut costs.
In the last six months, double the number of people came to us for advice on saving money on energy bills compared last year.
But Shadow Energy Secretary Caroline Flint said: The Government's warm words won't heat homes during a bitter winter.
They're unable to take on vested interests, they won't tackle the spiraling prices imposed by the energy giants, they won't investigate the mis-selling of energy and they won't help the pensioners whose winter fuel payments have been cut.
Unless the out of touch Government gets to grips with the real issues at the Energy Summit, their only promise is a cold, costly winter for all.
Figures from Ofgem show the rise in suppliers' profit margins, as well as the corresponding price hike in fuel bills to over £1300 for customers
Looking for help: The Citizens Advice Bureau said that in the last six months, double the number of people sought advice on saving money on energy bills compared last year
Rising profits: The net margin line on this graph illustrates how energy supplier profit margins have soared in recent months