British Gas slammed for failing to pass on energy savings
Consumers have been urged to shop around for the best energy prices as British Gas was criticised for failing to pass on energy savings to households.
British Gas's residential division has announced its profits soared to £528 million profit in the first half of the year, fuelled by low wholesale prices for oil and gas.
But according to comparison site GoCompare, these lower prices have not been passed to consumers.
Caroline Lloyd, energy spokesperson at Gocompare.com, said: "Two weeks ago British Gas announced it would be cutting its gas prices by 5% at the end of August, saving the average customer around £35 a year.
"However, this is paltry when compared to British Gas' earnings of £63 a second, especially as customers will still be paying over £300 a year more than if they switched to the current energy ‘best buy' today."
The comparison site estimates the average price of a dual fuel tariff with British Gas is £1,292 for a household paying by monthly direct debit.
According to the GoCompare.com, the top-three best dual fuel tariffs currently available are:
1. GB Energy Supply's Premium Energy Saver, at £870 a year. It's a variable tariff, but there are no early exit fees if you switch to another provider.
2. Sainsbury's Energy's Fixed Price August 2016 offer, at £903 a year. If a better deal becomes available, however, you'll need to pay £30 per fuel to leave early.
3. First:utility's iSave Fixed December 2016 offer, costing £905 a year. It'll also charge £30 per fuel if you'd like to switch early.