Energy firms' costs 'hit five-year low'

Wholesale gas and electricity prices in the UK hit a five-year low at the end of 2015, according to latest research by energy market analysts.

The cost of energy on the wholesale market tumbled to £36.76 per megawatt hour on the Power Index, compiled by market information provider ICIS.

The causes were a mild winter and lower global commodity prices, ICIS said.

Pressure is mounting on the UK’s big six energy suppliers to cut their prices in line with falling costs.

Which? executive director Richard Lloyd said: “It’s extremely disappointing millions of us are still paying way over the odds for our energy. Consumers will rightly ask why their bills haven’t been cut dramatically when wholesale costs have dropped.

“The government needs to protect vulnerable customers from being ripped off and make people feel confident about switching supplier.”

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