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Will Ofgem's Latest Investigation Bring About Lower Energy Prices? There are many reasons why Britain's energy prices are on the rise, from the increasing scarcity of fossil fuels to the import charges of natural gas and crude oil from Europe and the Middle East. However, a recent investigation by energy industry regulator Ofgem has sparked new hopes for UK consumers, with the apparent discovery that energy companies have reaped profits of 38 per cent. If energy companies are earning substantial profits without passing these benefits on to their customers, this is cause for concern for the energy regulator - which found that profits from one firm's dual fuel tariff have increased from £65 to £90 over the last few months. In the face of existing scepticism from customers over the price hikes imposed by a number of Britain's major energy suppliers, such information would likely cause further disappointment, and encourage consumers to look elsewhere for their utilities. Several years ago, prior to the worst of the energy crisis, it wasn't uncommon for households to remain with the same energy supplier for many years - sometimes even decades, in the case of...more
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