Dermot Nolan speaks to BBC Radio 4's "You and Yours" about energy bills
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Dermot Nolan, chief executive of Ofgem, told BBC Radio 4’s "You and Yours" programme that energy companies should cut bills – and urged listeners to switch tariff to get a better deal.
Wholesale gas prices – the biggest single component which makes up household energy bills – are at their lowest level for six years for this winter.
But most energy companies have barely cut prices for their customers who have never switched and remain on the most expensive standard variable tariff.
Only the minority of people on fixed tariffs are really benefiting from the fall in wholesale gas prices.
Mr Nolan called on the large energy companies to act now and cut bills for all customers. He also urged listeners to switch tariff and potentially save £200 or even £300 a year.
“There has never been a better time to switch,” he said.