No big energy price cuts for a year, says British Gas boss
The chief executive of British Gas' parent company has warned consumers not to expect any major cuts to the firm's energy prices for at least a year.
Centrica boss Iain Conn admitted that British Gas customers would not see any significant drop in energy prices until 2016 at the earliest. This follows a 29 per cent drop in the price of gas - Britain's main electricity source - while oil prices have halved since last summer.
Energy providers have announced some energy price cuts, but these are far more modest than the recent declines in gas and oil prices. British Gas is set to implement a five per cent price cut at the end of this month.
Richard Lloyd, executive director at consumer charity Which?, told the Daily Mail: "The modest price cuts have done little to convince consumers that they’ve had the full benefit of a significant shift in wholesale costs."
Earlier this week, a report from the Competition and Markets Authority found that customers who stayed with the same energy supplier were effectively being charged extra for doing so.