Energy Markets Overview April 02 2012

Wholesale gas and electricity prices both gained a couple of percent on the week pushed higher mainly by a gas leak in the North Sea which forced closure of the Elgin gas field.
 
Wholesale gas prices and electricity prices are up by 20% and 11% respectively from their opening levels of 2012. Brent crude in GBP remains comfortably above its 2008 high.
 
Our view remains that while it is premature to suggest that further price hikes are on the way from the Big 6, it now seems likely that any further prices cuts are off the table while energy markets remain volatile. We would also expect some of the cheaper discounted and fixed deals to be pulled over the coming weeks. Now would be a good time to recommend that customers lock into cheap discounted fixed tariffs.
 
New Product Launches / Price Changes
 
EDF Energy withdrew Fix to March 2013.
 
ScottishPower withdrew Platinum Fixed Price Energy October 2013 and replaced this with Platinum Fixed Price Energy July 2013.
 
Today (2 April 2012) EDF Energy launched a new fixed tariff called Blue +Price Promise September 2013. A core part of the tariff offer is a promise that EDF Energy will tell customers if another supplier launches a tariff which is £1 a week, or more, cheaper, and will allow the customer to do a comparison on the EDF Energy website.
 
Energy Supplier News
British Gas said that Which? collective switching proposals “fall short of being simple, transparent and fair for all customers”. The company also called on Which? to be transparent about the fees it would earn.

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