Long-term customers at energy firms have been rewarded with…higher costs

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Long-term customers at energy firms have been rewarded with…higher costs

If you are a dual-fuel customer of one of the big six energy firms you could be missing out on big savings.

A new report from The Competition and Markets Authority suggests that 95 per cent of customers could have saved up to £234 each by switching suppliers, but many are not taking advantage of this.

The “big six” energy companies are: SSE, Scottish Power, Centrica, RWE Npower, E.On and EDF Energy.

These six companies currently dominate the market, together owning 92 per cent of the market. However politicians and consumer groups have been advising the public to switch.

The energy companies have been accused of raising their costs when the wholesale prices of oil and energy go up, but when their costs fall, the ‘trickle-down’ effect to their customers is not relative. 

To talk about this was Simon Read,  the Personal Finance Editor of the Independent.

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