The energy markets in the UK have been on a roller coaster ride over the past decade. Rates have risen as much as twenty percent in a single year. In fact, the most expensive year for electricity in the history of the UK was 2004, when prices shot up by almost twenty-five percent.
Why is this happening? The depletion of energy resources in the UK is almost entirely to blame. It means that the country has to import equipment and resources rather than producing them on their own, which is obviously much more expensive.
Since most of the electricity produced in the UK is made from gas, the rise in oil prices has had a profound effect on the price of electricity. One of the biggest complaints of customers in the UK is that prices tend to vary greatly from supplier to supplier. PA Electric Rates may be as much as ten percent cheaper!
Price discrepancy has been a constant concern for customers who have had the ability to choose suppliers since 1999. Before then, UK customers had to settle for their local suppliers. Unfortunately, increased competition has not had a positive effect on price. As we mentioned, some of the highest electricity prices in the history of the UK were reported in 2004.
What can consumers do? According to a recent report, more than a third of UK residents have switched suppliers at least once since 1999. The promise of big savings, however, rarely pans out.
