UK Consumers Lose Out Against Eurozone Nations As Energy Prices Drop

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Official research shows Britons pay more for electricity than Euro-zone and have lost out on gas price drops, says energyhelpline.com

Once again, the UK will be seen as

British customers are paying the 8.8 per cent more for their electricity than people living in the Eurozone, a top-level survey reveals.

The independent price comparison website energyhelpline.com said the Eurostat research also showed net gas prices had dropped by 18.7 per cent on the Continent compared to just 3.1 per cent in the UK.

Mark Todd, Director at energyhelpline.com, said: “On the face of it, it looks as if the UK is faring quite well on fuel prices in comparison to its continental counterparts.

“However, when we stripped away the tax element in these prices, it soon became apparent that UK consumers are net losers on domestic energy prices.

“These numbers are further evidence of the raw deal many feel they are getting on their energy bills. They show that Ofgem’s efforts to regulate the energy market are about as weak as the British Eurovision song contest entry.

“Once again, the UK will be seen as “Treasure Island” where consumers pay more for goods and services than their Continental cousins.”

Eurostat, the statistical arm of the European Commission, examined gross household gas and electric prices from the second half of 2009 with the second half of 2008.

The figures show that net of tax electricity in the UK cost 13.42 euros (£11.10) per 100 kWh of electricity compared with an average Eurozone price of 12.33 euros (£10.19) – 8.8 per cent more.

The statistics revealed that average net gas prices were actually cheaper in the UK on 11.3 euros (£9.34) per gigajoule against 11.8 (£9.76) euros for the Eurozone. However, British customers benefited far less from the fall in wholesale gas prices with energy providers making price reductions of 3.1 per cent compared to 18.7 per cent in Europe.

Todd said: “For many, it will be a case of ‘EU must be joking’ when they realise how they are losing out to customers on the Continent Consumers long suspected that they were not passing on the full benefits of the fall in wholesale gas prices and these figures prove their worst fears.

“The only way of guaranteeing you are paying the cheapest prices in the UK is to log onto the internet and sign up to an online tariff which can save up to £300 a year on standard dual fuel bills.”

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