Which? also found that four in five people (83%) think there should be a Bank of England-style base rate for energy prices so they can compare their tariff to it and see whether they are getting a good deal.
However, Which? warns that such a measure would be of little use without greater clarity over how wholesale prices are set, especially given that many energy companies generate the energy they supply to their customers. Which? wants Ofgem to be able to scrutinise how these 'vertically-integrated' energy suppliers pass on generation costs to consumers.
-- Advertisement --
Which? is also calling for transparent energy prices, with an end to unsubstantiated claims about the link between wholesale and retail prices and a moratorium on tracker tariffs.
With just one in five consumers considering energy suppliers to be trustworthy, greater transparency is vital if people are to be convinced they are paying a fair price for their energy.
Chief Executive, Peter Vicary-Smith, said: "Energy suppliers are always quick to blame wholesale prices for rising bills but it’s all but impossible for an ordinary consumer to find out if such claims are true.
"Greater transparency over how retail prices are calculated is needed if people are to believe that they’re paying a fair price for their energy."
(CD/BMcC)
