Confused.com comments on Ofgem report, more bad news for consumers

-                      Ofgem reports that suppliers are taking a smaller cut per dual fuel customer now than in June

-                      13% rise in wholesale gas costs predicted

-                      Suppliers stand to lose a substantial amount of profit if prices aren’t hiked to match

 Lisa Greenfield, energy analyst at Confused.com says: “The latest Ofgem report is further evidence that fuel prices will be rising in the very near future, with stark predictions of escalating costs of wholesale gas likely to force the hands of the suppliers. If this forecast comes true it will mean supplier’s profits will plummet from around £50 per customer for gas to £10. Recent months have seen suppliers pulling their best deals, and EDF are due to increase their electricity prices from 1st October.  With all signs now pointing to hikes, and winter just around the corner,  there has never been a better, more sensible time to investigate switching. Good value fixed rates are fast becoming extinct but there are a still a few out there worth grabbing if you are looking for security, or else ride out the rises by shopping around online to make sure you are constantly on the best deals.”