ENERGY bills will fall after the firms running the wires and pipes were told to make less money — thanks to The Sun.
The network firms have the monopoly on getting gas and electricity to homes.
Alamy Gas and electricity bills are set to fall after regulators told firms that they must make less money
In 2017 we told how they made a combined £7.5billion a year in profit and paid bosses up to £6million.
About £290 of a typical bill went to these firms, with around £96 of it pure profit. MPs and watchdogs demanded action.
The network firms, which include National Grid, are different to the likes of British Gas and E.ON, who buy power and sell it on to families.
Watchdog Ofgem yesterday said the firms must halve the level of profit they make on their investments.
Be in control of your bills – and save up to £518SWITCHCRAFT is a free service that finds you the right energy deal – and you could save up to £518 a year.
Sign up, compare and switch with Switchcraft
You’ll automatically be switched at the end of your new plan when a cheaper deal comes up
Get £5 free cashback when you sign up
A fiver will be paid into your bank account within four months of completing the switch. prepayment meter customer customers will receive a £5 Amazon voucher. Open to those 18 and over. UK residents only. Click here for full T&Cs.
ExclusiveCASH CRISIS Universal Credit delay left nurse so desperate for cash she sold her kids’ toys SUMMER SUN Argos has slashed the price of its gazebo with a built-in bar by a third to £200 NO POUNDING! Pound leaps against euro and dollar as Theresa May quits but it’s crashed down MAGIC HAPPENS Dunelm is selling an amazing pink UNICORN armchair for £36 FEELING LUCKY Your paper could be worth £15,000! ACT NOW Martin Lewis’ urgent benefits warning as thousands face losing £7k a year
They said it will save consumers about £6billion over the five years to 2026.
Ofgem’s Jonathan Brearley said: “These changes will put money back into consumers’ pockets while service standards are required to remain high.”
Lily Green, of auto-switching service Look After My Bills, said: “This will provide some respite for households struggling with extortionate bills.”
Getty Jonathan Brearley says the changes ‘will put money back into consumers’ pockets’
Martin Lewis reveals how switching to green energy could save you £300 a year