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Fairy tale continues for SSE as customers struggle

Booming SSE Profits - UK energy market like a fairy tale for the big suppliers but a living nightmare for embattled customers

Mark Todd, director of price comparison site energyhelpline.com said:

“Booming profits at SSE show that the UK energy market continues to be like a fairy tale for the big suppliers but a living nightmare for customers. The 48% pre-tax profit rise shows just how much money can be made by delaying price cuts. SSE were the slowest of the Big Six suppliers to cut prices this year taking until the 30thApril when most suppliers cut during the winter. Their cut was also one of the smallest. We urge SSE to do the right thing and immediately cut its prices further. If they do not, we urge customers to switch to cheaper providers who are not making such booming profits as many are charging much lower prices.

Wholesale gas is now down 40% since the time of the last price rises and wholesale electricity is down 20%, yet the prices SSE customers are being charged have only dropped by 5%. Energyhelpline analysis shows that 13% price cuts rather than 5% are affordable leaving an 8% almost £100 gap.

British Gas’s 5% price cut during the summer was a false dawn of a second wave of industry price cuts. Rather than more cuts it’s been radio silence as other suppliers have chosen to hoard savings rather than pass them on to customers who face a cold winter and even bleaker bills. Now is the time for customers to take their loyalty elsewhere and seek out the best deals from the host of competitors available. Unless they pass on more cuts, it is only a matter of time before the Big Six firms topple from the top of the beanstalk."

Created: 11th Nov 2015, Last Modified: 7th Dec 2018, Switchomatic

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