Darling suggests extra energy regulation

26/11/2008

The industry regulator is to produce quarterly reports on the price performance of gas and electricity providers, the chancellor has suggested.

Addressing the House of Commons, Alistair Darling also suggested that there was "concern" that energy bills were not falling fast enough.

Over the past year, the UK's "big six" providers have imposed two big rounds of price rises - and blamed the high cost of wholesale oil and natural gas for the moves.

However, although these wholesale costs have been falling sharply since the summer, some consumer groups have complained that these trends are not being reflected in the firms' bills.

For example, a barrel of crude oil hit an all-time high market price of $147 in July, but this cost has now slumped to under $50.

"I know there is concern that the fall in the price of wholesale energy has not been reflected quickly enough in household bills," Mr Darling said.

Tags; Housing Debt and Bills, Young Family Finances, Retirement Money Problems,

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