Question

To ask Her Majesty’s Government what steps they plan to take to ensure that companies which supply electricity will reflect reductions in the cost of fuel in their charges to customers.

All of the major suppliers have reduced their standard variable gas tariffs in recent weeks in response to reductions in the wholesale gas price in 2014, but wholesale electricity prices have not fallen as much over the same period. The price of fixed term deals has continued to fall with the cheapest deal on the market £100 cheaper than the cheapest deal a year ago.

The Competition and Markets Authority has made clear that it will be looking at the relationship between wholesale costs and retail prices as part of its investigation.