20th Jan 2017 06:57
LONDON (Alliance News) - UK energy regulator Ofgem has warned the big six energy companies against raising prices in spring, the BBC reported, saying they have no excuse for increasing standard tariffs.
This came despite new data showing that supplier's costs were considerably higher at the start of the year compared to a year earlier.
Ofgem believes that large energy suppliers should have protected themselves from recent rises by buying gas and electricity in advance.
"It's not obvious that there should be significant price increases across the market", said Dermot Nolan, Ofgem's chief executive.
The big six suppliers consist of SSE PLC, British Gas, part of Centrica PLC, Scottish Power, part of the Iberdola Group, nPower, EDF, and EOn .
http://www.bbc.co.uk/news/business-38681378
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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