Ofgem failing consumers

[taxman]

Apparently the regulator is not doing enough to ensure that energy companies are not making excessive profits and are transparent enough.

 

And this year's No Sh *t Sherlock award goes to......

[Mecky]

They are probably being paid for by the energy companies.

[Resident]

They are probably being paid for by the energy companies.

 

Nah, they're paid for by the government out of public purse. It's the politicians in charge of running it that are taking backhanders from the energy companies.

[Mecky]

Nah, they're paid for by the government out of public purse. It's the politicians in charge of running it that are taking backhanders from the energy companies.

 

Bribery and corruption comes in many forms and from many different sources.

[Itrytoplease]

I'm totally disgruntled with the above four posts, to suggest that the regulator is not working hard enough to protect the public interest, I've never heard such a thing, and as for politicians being blamed, everyone knows their faultless in everything they do, especially as regards to their expenses.

 

The energy companies are only making £45 per year off each household, though it is projected that this will increase to £90 per household within the next 12 months or so, the poor dears, I'm thinking of leaving them something in my will. With the projected doubling of their profits in the next 12 months Will/does this mean that our energy bills will also double?

[Bladesman]

Apparently the regulator is not doing enough to ensure that energy companies are not making excessive profits and are transparent enough.

 

And this year's No Sh *t Sherlock award goes to......

 

Agreed.

 

The most least surprising bit of news this year.

[Resident]

I'm totally disgruntled with the above four posts, to suggest that the regulator is not working hard enough to protect the public interest, I've never heard such a thing, and as for politicians being blamed, everyone knows their faultless in everything they do, especially as regards to their expenses.

 

The energy companies are only making £45 per year off each household, though it is projected that this will increase to £90 per household within the next 12 months or so, the poor dears, I'm thinking of leaving them something in my will. With the projected doubling of their profits in the next 12 months Will/does this mean that our energy bills will also double?

 

I have electricity and gas from the same supplier. When the wholesale cost of these goes up then the price I pay at retail immediately goes up, which is fair enough. However when that wholesale price drops again, does the retail price immediately drop? No, I still get charged the higher price until something is said months down the line and then the suppliers make out that it's some grand gesture that they're lowering prices but even then, the reduction is usually less that the actual reduction in wholesale prices.

 

That's what OFGEM should be dealing with, making sure that the fluidity in pricing works both ways in the same rates.

 

It's also a practice seen on the fuel forecourts. Oil goes up and immediately we all pay more at the pumps, oil comes down and we have to wait weeks/months for the price to reflect.

[Itrytoplease]

I have electricity and gas from the same supplier. When the wholesale cost of these goes up then the price I pay at retail immediately goes up, which is fair enough. However when that wholesale price drops again, does the retail price immediately drop? No, I still get charged the higher price until something is said months down the line and then the suppliers make out that it's some grand gesture that they're lowering prices but even then, the reduction is usually less that the actual reduction in wholesale prices.

 

That's what OFGEM should be dealing with, making sure that the fluidity in pricing works both ways in the same rates.

 

It's also a practice seen on the fuel forecourts. Oil goes up and immediately we all pay more at the pumps, oil comes down and we have to wait weeks/months for the price to reflect.

 

I totally agree with you, taking it to another level. It's a same with the price of potatoes, one pound for a few ounces of chips the price never comes down.

someone is making an absolute fortune out of this recession,

 

Joking apart, ofgem should be paid by results, it would be nice to see a government body working for nothing. did you see the woman from ofgem on BBC TV news today/this morning, she was almost as good as a politician by avoiding answering questions put to her.