Posted on 25 July 2012 by Chris Foden
Weekly Market Report – 24th July 2012 provided by npower.
What an interesting report from NPower, demand is down 25% due to warm weather, OK I understand that, however, consumer prices are still very high and the big six suppliers have not passed on the consumers the price reductions, having been very quick to pass on the rises in energy but not so quick in passing on the reductions. Why is this?
Energy companies are also using the “variable direct debit” system, where they are able to take whatever amounts they like from the consumers, on the pretext of controlling their profits. This allows the suppliers, what is in effect, an “Interest Free Loan” worth 2 billion pounds per annum, courtesey of the consumer – all by allowing customer credit balances on their account! Smart accounting practices this, Eh!
Deregualtion of our once highly efficient energy market has been hihjacked by just six suppliers, who make massive profits by a rigged
market, of over 400 tariffs for just two simple products, Gas & Electric. Just look at the profits made by these companies to see just how much money they make at our expense. I know of no consumer that is happy with the way energy is mis-sold in this country and the customer service of nearly all
of the suppliers is less than 50%. It tells you something.
Switching companies selling the notion of savings of up to 450 pounds per annum are also committing an offence, as when you do the research, you are luck to save nothing or in my case with EDF 32 pounds a year, while switching companies pocket 50-100 pounds for carrying out a simple analysis of the 400 tarrifs.
Has any of your readers experienced similar misgivings on energy supply?
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