“Industry leaders of the UK’s largest energy companies have explained today to a committee of coalition politicians that energy bills are going to increase over the coming years.”
United, they told the governments energy Committee that the upward trend of direction of wholesale prices would mean that domestic and commercial energy bills will get considerably more expensive in the next ten years.
Present at the meeting, held at London’s House of Commons, where five of the UK’s biggest energy suppliers, namely British Gas, EON and EDF Energy and Scottish and Southern Energy. One of them suggested that prices might increase by an alarming 15% to 25% by the year 2020.
Defending themselves, in reaction to the overwhelming criticism of millions of customers that have been angered by continual price rises over the last few years, the group of energy companies tried to stress that the energy market remained incredibly competitive and that profit margins were slim.
The Members of Parliament explained that it was not just a rise in energy bills that was of concern to them, as they are also wanting to have what they say as impenetrable energy tariffs’= explained to them.
Phil Bentley, British Gas MD, said he would be the first to implement the practice of providing clearer domestic energy bills for customers to decide, admitting that even he was often confused by the complexity of many of the different tariffs available.
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