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‘Oil price fall will take time to turn into good news for energy customers’ – Uswitch comments on oil price crash

Commenting on the recent oil price fall, Rik Smith, energy expert at Uswitch.com, says:

“The oil price crash could be good news for consumers, who may see a knock-on effect of reduced household gas and electricity prices if this situation continues.

“But any impact will take time to work its way through to bills, especially for consumers who are on fixed-rate deals.

“People will start to use less energy anyway as we head towards warmer temperatures and lighter evenings through the spring, so households may not notice any major differences until next winter.

“Even then, the oil price drop will only work its way through the system if it’s prolonged and starts to depress the wholesale prices which energy suppliers pay for gas and electricity on the open market. As some suppliers’ gas contracts are linked to oil prices, and we generate almost 40% of our electricity from gas, it won’t be until the gas price starts to be affected that we’ll see a further impact on electricity costs.

“Likewise, given that the larger energy companies who supply most homes in Britain tend to buy several years in advance, there’s no guarantee this will lead to cheaper bills just yet.”

FOR MORE INFORMATION

Tim Dunford

Phone: 020 3872 5612

Mobile: 07785 552666

Email: tim.dunford@uswitch.com

Twitter: @uswitchPR

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