Energy bills: no promise of price cuts

13 November 2008

Scottish & Southern Energy has stated it is “optimistic” it will be able to deliver price reductions during the early part of 2009 if wholesale prices for electricity and gas keep heading downwards.

However, the UK’s second-largest energy supplier did not actually commit itself to lowering prices – something energy companies are under pressure to do.

Consumer watchdogs and the government alike have been calling on energy companies to cut consumers’ bills as wholesale prices tumble.

As The Times reports, oil prices have come down dramatically in recent months. The price of Brent North Sea crude fell to $55.43 per barrel yesterday – a huge fall from the record high of $147.27 per barrel in mid-July.

“Utility bills have soared this year,” said a spokesperson for debt management company Gregory Pennington, “putting even more pressure on the budgets of households already suffering from increases in the cost of everything from food to petrol.

“For people in debt, it can be particularly difficult. Many borrowers have found that staying on top of their monthly debt repayments can be a real challenge when essential expenses are taking up so much more of their monthly budget than they’d expected.

“We’d advise anyone in that position to talk to a professional debt adviser as soon as possible. The right debt solution, such as a debt management plan, could help them reduce their monthly debt payments, potentially freeing up the funds they need to cope with today’s high cost of living.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about your debts, contact one of our expert debt advisers now.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).