Consumers concerned about impact of energy price hikes

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Households across the country are worrying about how energy price hikes will impact on their finances, according to a consumer watchdog.

Glasgow, United Kingdom, August 19, 2011 ? Installers could be set to see more home improvement leads coming on to the market after a watchdog warned that rising energy prices are causing widespread concern.

According to Consumer Focus, the wholesale cost of gas and electricity is about 33 per cent lower than it was three years ago.

Nevertheless, prices have now reached what it described as an ?all-time high?.

Indeed, four major energy providers have recently announced price hikes, with E.ON confirming last week that gas has gone up by 18.1 per cent and electricity by 11.4 per cent.

This is just one of many financial pressures on households across the country and Consumer Focus has warned that many are starting to worry about how they will be able to afford to heat their homes this winter.

?Yet another price rise will leave the average energy bill weighing in at 1,250 a year,? said Mike O?Connor, chief executive of the group.

Energy regulator Ofgem has already suggested some possible courses of action that people can take, such as researching the market for the best energy tariffs so they can switch to a cheaper deal.

However, it has also recommended becoming more energy-efficient ? which could potentially lead to more conservatory and double glazing leads coming on to the market.

While investing in energy-efficient home improvements can result in a significant outlay at first, households could find they eventually pay for themselves.

After all, figures from the Energy Saving Trust suggest that heat loss through windows can be cut by 50 per cent if double glazing is in place.

This can in turn lead to annual expenditure on heating bills being cut by about 140 a year.

With energy price hikes adding to the constraints on consumers? finances, installers may not necessarily believe there is a widespread appetite for making home improvements at the moment.

But flagging up the financial benefits of investing in eco-friendly options such as double glazing could be a good way to keep business coming in throughout these difficult times.

E.ON has acknowledged that the latest round of price hikes will create difficulties for many of its consumers.

The organisation blamed various international events, such as the conflict in Libya and the recent earthquake in Japan, for impacting dramatically on the price of energy,

?Uncertain times have had a huge effect on wholesale prices,? said spokesman Graham Bartlett.

He added that the company is working with its customers to ?help them become more energy efficient and take greater control of their own bills?.

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Source: http://www.investmentnewswire.com/consumers-concerned-about-impact-of-energy-price-hikes/29096

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