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Energy regulator urges switching Energy regulator urges switching
(about 1 hour later)
The energy regulator Ofgem has urged customers of EDF Energy and Scottish Power to switch to new suppliers.The energy regulator Ofgem has urged customers of EDF Energy and Scottish Power to switch to new suppliers.
It says they can save up to £140 a year because the two companies have failed to cut their gas and electricity prices recently in line with their rivals.It says they can save up to £140 a year because the two companies have failed to cut their gas and electricity prices recently in line with their rivals.
Switching between companies has reached a new peak with more than 600,000 households doing so in January and February this year.Switching between companies has reached a new peak with more than 600,000 households doing so in January and February this year.
Four other firms have cut their prices because of falling wholesale costs.Four other firms have cut their prices because of falling wholesale costs.
But Ofgem points out that EDF Energy and Scottish Power have so far failed to do so.But Ofgem points out that EDF Energy and Scottish Power have so far failed to do so.
"Our research also shows that a big price gap has opened up leaving EDF Energy and Scottish Power customers paying over £100 for remaining loyal," said Ofgem's chief executive Alistair Buchanan."Our research also shows that a big price gap has opened up leaving EDF Energy and Scottish Power customers paying over £100 for remaining loyal," said Ofgem's chief executive Alistair Buchanan.
"Competition is all about customer power - any supplier that tries to buck the market by not lowering their prices or failing on service risks an exodus of customers.""Competition is all about customer power - any supplier that tries to buck the market by not lowering their prices or failing on service risks an exodus of customers."
Dual-fuelDual-fuel
According to Ofgem, dual-fuel customers who obtain both gas and electricity from one supplier, could save up to £140 by switching from EDF Energy and up to £122 by moving from Scottish Power.According to Ofgem, dual-fuel customers who obtain both gas and electricity from one supplier, could save up to £140 by switching from EDF Energy and up to £122 by moving from Scottish Power.
The regulator also points out that customers of firms who have cut prices recently, or who have said they will do so shortly, should still consider switching as the suppliers are not offering identical prices.The regulator also points out that customers of firms who have cut prices recently, or who have said they will do so shortly, should still consider switching as the suppliers are not offering identical prices.
Until recently British Gas had always been the most expensive dual-fuel supplier.Until recently British Gas had always been the most expensive dual-fuel supplier.
But it has cut its prices, partly due to the fall in wholesale gas prices - which had driven up retail prices in the first place - and partly due to losing more than a million customers in the past year.But it has cut its prices, partly due to the fall in wholesale gas prices - which had driven up retail prices in the first place - and partly due to losing more than a million customers in the past year.
Price cutsPrice cuts
The other suppliers which have cut prices, or said they will do so, are Scottish & Southern Energy, Npower and Powergen.The other suppliers which have cut prices, or said they will do so, are Scottish & Southern Energy, Npower and Powergen.
Last year Ofgem warned that if suppliers did not cut their prices when wholesale prices fell, it might fine them up to 10% of their annual turnover.Last year Ofgem warned that if suppliers did not cut their prices when wholesale prices fell, it might fine them up to 10% of their annual turnover.
A spokesman for Scottish Power said: "We are continuing to monitor prices".A spokesman for Scottish Power said: "We are continuing to monitor prices".
EDF Energy - owned by Electricity de France - has been expanding in recent years and now has more than five million customers. That was echoed by EDF Energy - owned by Electricity de France.
"We are continuing to provide competitive prices, deliver excellent service and reward loyalty to all our customers," said a spokesman.
"We listen very carefully to what our customers are telling us and we will always do the right thing for our customers," he added.