Central heating cover customers told fuel prices 'not set to rise'
uSwitch.com has dismissed suggestions that fuel prices are bound to rise in the next few months.
Central heating cover customers have today (January 8th) been reassured that their fuel bills will not become more expensive in the coming months.With a cold snap currently gripping the UK, energy supplies are being tested to the limit, prompting some observers to suggest that prices will inevitably rise.
However, uSwitch.com explained that energy firms buy their fuel roughly a year in advance and meet short-term demand by topping up on the daily spot market.
As a result, the company explained that the suggestion of dramatically rising prices in the near future is a "red herring".
Nevertheless, the freezing conditions at present will undoubtedly contribute to higher bills as households use their central heating for longer periods than usual.
uSwitch has suggested that an increase of £1 from the normal £3 daily expenditure is likely.
"If the cold snap continues through February it could add £60 on to household energy bills, but the cold snap would have to continue for far longer to have an impact on energy prices," commented the company's energy expert, Tom Lyon.
"Higher demand because of sub-zero temperatures and the current rationing of energy to certain businesses does not mean suppliers will need to increase household energy prices."
Mr Lyon added that Britons would be well advised to ensure that they budget for the possibility of an extra £60 appearing on their next energy bill if the freezing weather continues well into February.
Meanwhile, Louise Boddy, managing director of gas consultancy Icis Heren, claimed in an interview with the Independent this week that the UK's gas supplies for industrial users are on the brink of being exhausted.
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