Why are energy prices yet to fall in 2015?

With the cost of oil plummeting, many people are starting to wonder why the obvious saving that energy companies are making isn't being passed directly onto consumers. Earlier this week, a Government official wrote to the 'Big Six' energy suppliers to ask them why their tariffs hadn't been reduced since the oil price plunge reduced their costs. Smaller, independent energy suppliers have managed to pass savings on, so what's the hold up? Are you considering switching your energy supplier?

 

At Eco Stores Direct, our mission is to help people save money while they save the environment. We do this by bringing the very best in energy efficient heating technology to our customers at the very best prices. But one of the things that holds many people back from embracing new technology in their homes is cost. Energy prices have been tumutluous over the past 18 months to say the least, and while many people are enjoying the energy saving benefit of electric radiators or infrared heating panels, many are still cautious. So why are energy costs still at uncomfortably high levels, in spite of the cost of oil reaching a new 5 year low?

 

On Monday, the Business Minister, Matthew Hancock, wrote to EDF, British Gas, Npower, E.on, Scottish Power and SSE, to ask in earnest why their tariffs had not been lowered to reflect the savings made. If independent energy suppliers can do it, surely it should be easy for the big players in the market?

 

One of the theories flying around the internet at the moment is that Labour's promise to 'freeze energy prices' if they're elected into Government this year is scaring the Big Six into keeping their prices up. It could  be a business blunder for them if they were to reduce their prices only to have them freezed regardless of what happens to oil prices in the future. In some ways, this seems to be the problem - the smaller companies can afford to be more agile in the marketplace, passing small savings onto customers here and there, but the big companies are too burdened by shareholders to be this reactive. Yet another reason homeowners should perhaps consider reviewing their energy supplier, particularly if they're hoping to make the popular leap into energy efficient electric heating technologies. 

 

What can you do about the situation at home?

You don't have to put your family on an 'energy diet', you simply have to shop around for some better energy deals and tariffs. Figures from Energy UK reveal that 1.3 million customers moved from a large supplier to a small one during the past 12 months - the equivalent to 41 per cent of all switchers. This is excellent news, and it proves that more and more people are becoming aware of just how easy it is to switch suppliers - it's not the long, drawn out process it used to be. Did you know that by switching energy suppliers you could save as much as £400 on your annual bill? Some of the smaller, independent companies have some excellent deals that could give larger suppliers a real run for their money. One of the main reasons the Big Six are still so prominent in the marketplace is because homeowners either aren't sure how, or aren't willing, to make the switch to a new supplier. 

 

If you're considering upgrading to an energy efficient heating solution - one that is clean, runs of electricity, and offers you an unbeatable level of control, make sure you take a look at the various tariffs on offer from different companies first. They could make all the difference. 

 

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Eco Stores Direct are here to bring you the very latest in energy news, views and opinions from across the UK. They are also suppliers of energy efficient electric heating solutions and are constantly assessing the market for the best products and the latest ground-breaking technology which they think will make a real difference to their customer's homes. Eco Stores Direct are devoted to helping you reduce your carbon footprint and bring down your energy bills and they work hard to raise awareness of energy efficient products that can make all the difference. For more information on their range of  energy efficient designer electric radiators or  designer Infrared panel heaters, call one of their friendly team today on 0330 300 4444 for a free assessment. 

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