UK consumers hit hardest by energy price rises
05/11/2008
UK energy prices have increased at a faster rate than any other EU country. In fact, UK gas and electricity prices have increased by 29.7% in the past year - twice the rate of the European Union average of 15%.
The statistics, from Organisation for Economic Co-operation and Development, also reveal that prices for customers were up by 12.2% in Germany and 14% in France.
Consumer Focus chief executive Ed Mayo said: "The UK has a relatively free market, but the freedom to cut prices in the early years now seems to be the freedom to raise prices with impunity.
"Of course, those least able to afford it suffer most. The suppliers must offer their most vulnerable customers social tariffs and reduce prices generally at the earliest opportunity."
A spokesman for the Energy Retail Association defended the price rises: "What the OECD's figures fail to demonstrate is that British customers have enjoyed historically very low prices compared to Europe and indeed the rest of the world. Primarily, this is due to us having our own vast reserves of natural gas in the North Sea and not being exposed to global prices in the same way as we are now.
"We are no longer an energy island. With increased demand from growing economies such as India and China, the prices we now pay for our energy are more vulnerable to fluctuations across the world."
The statistics, from Organisation for Economic Co-operation and Development, also reveal that prices for customers were up by 12.2% in Germany and 14% in France.
Consumer Focus chief executive Ed Mayo said: "The UK has a relatively free market, but the freedom to cut prices in the early years now seems to be the freedom to raise prices with impunity.
"Of course, those least able to afford it suffer most. The suppliers must offer their most vulnerable customers social tariffs and reduce prices generally at the earliest opportunity."
A spokesman for the Energy Retail Association defended the price rises: "What the OECD's figures fail to demonstrate is that British customers have enjoyed historically very low prices compared to Europe and indeed the rest of the world. Primarily, this is due to us having our own vast reserves of natural gas in the North Sea and not being exposed to global prices in the same way as we are now.
"We are no longer an energy island. With increased demand from growing economies such as India and China, the prices we now pay for our energy are more vulnerable to fluctuations across the world."
