Energy firms told to cut gas bills because wholesale prices are down

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Analysts are telling energy firms that it is time to cut consumer gas bills, as a result of falling wholesale prices.They say that consumers should expect as much as £30 a year off their bill.Wholesale prices for the coming year have fallen by as much as 16% since December, thanks in part to the mild weather.But energy companies rejected the idea, saying that wholesale prices fluctuate on a daily basis.They also said that the cost of buying the gas only makes up part of a consumer’s energy bill.’Lower your prices’Energy companies buy wholesale gas on the futures market, to try to hedge – or protect – themselves – against future price rises.

via BBC News – Energy firms told to cut gas bills because wholesale prices are down.

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