Hotel Owners Accuse Energy Firms of Failing to Pass on Lower Prices, Putting Businesses at Risk
Hotel bosses in the UK are accusing energy firms of failing to pass on lower prices, putting their businesses at risk.
Hotel owner Elyse Waddy faces paying £200,000 more when her three-year fixed tariff ends in July, while Glenn Evans, operations director at the Royal Oak Hotel, pays 90p per unit on his 12-month contract, despite prices falling to 30p per unit.
Energy regulator Ofgem has asked suppliers to show flexibility with businesses locked into fixed-price contracts signed when prices were at their peak last year.
The industry trade body said suppliers bought energy in advance and changes took time to reach customers.
Conservative MP for Aberconwy Robin Millar has launched a campaign in Parliament on the issue, accusing energy suppliers of "anti-competitive behavior".
Energy UK, which represents energy companies, said it was important to bear in mind that, when contracts had been agreed and signed, energy was purchased at market rates on behalf of the customer.