Energy prices ‘may fall soon’

13 November 2008

The price of home energy may be set to fall, after the UK’s second-largest energy provider said it may be ready to cut prices in early 2009.

Scottish and Southern Energy has said that as long as wholesale oil and gas prices continue to fall, it may be able to make a reduction in prices to consumers.

The announcement comes as energy companies find themselves under increasing pressure from consumer watchdogs and the Government to cut their prices in line with the rapidly falling prices of oil and gas.

Earlier this year, Scottish and Southern Energy raised gas prices by 29.2% and electricity prices by 19.2%, while the other five major suppliers implemented similar rises.

A debt expert for Think Money said: “This could be the news billpayers have long waited for. Many people feel that current energy prices are unfair, and in many cases households are being pushed into debt in order to heat their homes.

“A reduction in energy prices will ease the pressure on billpayers, even if it doesn’t solve the debt problems many families are already facing. We advise anyone who finds themselves struggling with debt to seek professional debt advice as soon as possible.”

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