High energy bills may lead to debt management
High energy bills may lead to debt management
Tuesday 8th December 2009
That is according to the independent consumer watchdog Consumer Focus, which has commented on new figures from regulator Ofgem detailing the profit margins which the largest energy companies currently make.
The amount of profit which the companies make annually from each consumer has gone up significantly, having risen by £10 for electricity, £20 for gas and £15 for dual fuel.
Now, the average profits which companies make from each customer stand at historically high levels, at £25 for electricity customers, £85 for gas and £85 for dual fuel.
With the expensive festive season coming up, rising energy costs could mean that many people need to look into options such as debt management and debt consolidation loans so that they can adequately heat their homes this winter.
Robert Hammond, energy expert for Consumer Focus, said: "Consumers who have seen only tiny cuts to their energy bills, while wholesale prices have plummeted, will find it laughable that the suppliers say they are making such miniscule profits."
"The big question is how much longer consumers will have to wait to get a fair deal. Suppliers should cut prices now, not wait until winter bills have boosted their profits."
Research released last week by insurance company Bright Grey which showed that most people underestimate their monthly outgoings by as much as £964 per month.
News article brought to you by Debt1 – UK debt management specialists
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