Energy business could save £250 on bound tariff, says Ofgem

gas rings

Energy business could save adult to £250 a year by switching to a fixed-rate tariff, a regulator Ofgem has said.

That is notwithstanding a fact that 4 energy companies have cut their customary rates for gas in a final dual weeks.

In a latest pierce Npower cut a non-static gas tariff in a UK by an normal of 5.1% from 16 February.

It will meant a normal patron on a customary tariff will save around £35 a year.

But even so, Ofgem pronounced many people would be improved off on a fixed-rate deal.

“While new cost cuts are a step in a right direction, many business could be improved off to a balance of adult to £250 by relocating from a non-static rate to a bound rate deal,” pronounced Dermot Nolan, Ofgem’s arch executive.

One cost comparison site put a intensity assets even higher.

MoneySuperMarket pronounced business could save adult to £266 a year by relocating to a cheapest fixed-rate deal.

NPower’s is a largest cut announced by a retailer so far, following a poignant tumble in indiscriminate gas prices given a Autumn.

British Gas, E.On and Scottish Power have all announced cost cuts within a final integrate of weeks.

However, a suppliers have been criticised by consumer groups for not slicing prices more.

Wholesale prices have depressed by as most as 20% given Nov 2014.

But a suppliers disagree that a indiscriminate cost usually creates adult around half an typical gas bill.

“If there are serve falls in indiscriminate prices, we will keep these underneath examination to see if we can cut further,” pronounced Npower arch executive Paul Massara.

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