moneysupermarket.com comments on British Gas' residential business results

Commenting on British Gas’ residential business results, Paul Schofield, head of utilities at moneysupermarket.com, said: “Having made a loss for the first six months, British Gas recovered to record £95m profits for the full year, following the nationwide price hikes. This level of profit was achieved despite losing over a million customers in this period, which is testament to just how much they were making out of those who stayed loyal.

“Huge falls in the cost of wholesale gas will finally be translated into reduced bills for consumers from next month, but many had hoped for higher initial cuts than 17 per cent on gas and 11 per cent on electricity, but their move to undercut Powergen with the Click Energy 2 product hints at a more competitive marketplace for their long suffering customers. We can also expect further jostling for price position by the big suppliers when Scottish and Southern Energy announces its next move in the coming weeks.”

moneysupermarket.com is making a stand to help these people ditch their expensive power companies and get the cheapest energy deal by offering £30 cash-back to all customers swapping to a dual fuel tariff through its service. Those not going for a dual fuel tariff but changing a provider or tariff will benefit from a single £17.50 payment.