Wholesale Energy Prices Dropping But Will There Be Cheaper Gas And Electricity For Us?

Even though gas is getting significantly more affordable power firms are refusing to cut struggling customers' bills.

Experts last night stated corporations now pay a little more than 62p a therm for gas down from 68p last month. That is practically a 10 per cent drop in wholesale costs.

There is expected to be TOO much natural gas across Europe as financial gloom hits demand. But lots of hard up families nonetheless face a choice between eating and heating this winter.

Gas and electricity bills have soared by 224 in the past year up 21 per cent.

All the Big Six suppliers have produced inflation-busting hikes since the summer. They deny claims by regulator Ofgem that their profit margins soared by 733 per cent to 125 per customer per year.

Price comparison web-site uSwitch stated 37 per cent of the public blame rising gas and electricity bills for a "dramatic" squeeze on their income. Tom Lyons, the website's power expert stated: "If what's happening on wholesale markets carries on we would be hoping that customers may well see prices coming down. "There is unquestionably no reason why rates really should be going up once more in the subsequent six to 12 months." The firms blame costs on the fallout from the Japanese nuclear disaster and the turmoil in Egypt and Libya.

Here are five uncomplicated techniques for you to take control of your power bills, as, if you don't nobody else will.

Energy prices have rocketed - here's how to combat them, and the theme is all about taking back control of your gas and electricity bills. Here are 5 uncomplicated methods you can cut your bill fees before the winter months set in.

1. Don't pay much more than you require to

When your energy company puts up its rates, it can be effortless to finish up accidentally paying more than you must - as you could be charged too much for the period just before the cost rise comes into force if your supplier estimates your use.

To stay away from this, submit a gas and electricity meter reading to your power business on the day the cost change occurs, so it has an accurate reading of how much power you've used before and after the cost change.

You should really take and submit regular meter readings to your supplier to make certain you are only paying for the gas and electricity units you are in fact using, rather than an estimated bill. Your energy bill will show whether or not it is based on actual or estimated usage.

2. Find out which power deal you are on

Ask your supplier which gas and electricity tariff you're at present on, or check for the name of your plan on a recent power bill. You could possibly not be on the idealmost effective value tariff it offers, particularly if you're on a 'standard' tariff.

On the internet discount or variable-price tariffs usually provide the cheapest rates, but there's generally a cancellation fee if you switch before the finish of your contract (usually 12 months).

3. Is there a more affordable way to pay?

Monthly direct debit is on average 100 less costly per year than paying by money or cheque. Additional discounts are also often offered on dual fuel tariffs, where you take both gas and electricity from the same supplier, or when you decide on a tariff that you manage on the internet.

4. If you are not receiving a great deal, SWITCH

Locate a entirely independent magazine or web-site, for example - Which? is the independent, not-for-profit review company, and lets you see which energy deals are at the moment available - and if you could save by moving to a alternative supplier or tariff.

Keep in mind, if you select to switch immediately after your energy business increases its costs, you shouldn't have to pay a penalty or any exit fees for switching away from them, as the price change is effectively a change in the terms and conditions of your contract.

5. Get your house set for winter

Minimising the quantity of gas and electricity you have to have to use is, of course, an additional way to preserve your energy costs as low as possible. Here are a few ways you can use to get your residence prepared:

Insulate your loft and cavity walls to minimize wasted heat - you could save more than 100 per year on your energy bills.

Prevent heat escaping around draughty windows, door frames, pipes and loft hatches with draught excluders (which you can even make your self) - saving about 25 a year.

Reach for a jumper rather than the thermostat - turning it down by 1 degree can shave 10% off your heating costs.

by: timothy t Gray

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