Latest Fuel Prices

Fuel poverty is still a major issuse for many people. 

 The governments latest figures are out and here is a very brief summary of a very complex topic.

Fuel poverty in England is measured by the Low Income High Costs definition, which considers a household to be in fuel poverty if:

• they have required fuel costs that are above average (the national median level)
• were they to spend that amount they would be left with a residual income below the official poverty line

The key drivers behind fuel poverty are:

• The energy efficiency of the property (and therefore, the energy required to heat and power the home)
• The cost of energy
• Household income

The current figures are just out and here are some highlights. 

Domestic

• The price paid for domestic fuels in real terms has fallen by 3.7 per cent in the year to Q2 2015. Between Q2 2014 and Q2 2015, real terms prices for domestic electricity fell by 0.9 per cent and domestic gas prices fell by 4.9 per cent.

• Figures show that an average annual 2014 electricity bill across all payment types has risen by £15 (2.6 per cent) since 2013, to £592. Meanwhile, the average 2014 gas bill across all payment types has risen by £23 (3.2 per cent) since 2013, to £752. These bills are based on standard consumptions of 3,800 kWh per year for electricity and 15,000 kWh per year for gas.

• Between Q1 2015 and Q2 2015 electricity transfers decreased by 14 per cent, based on figures provided by Ofgem. Comparing switching levels in Q2 2015 to the same period in 2014, electricity transfers have increased by 9 per cent. Gas transfers decreased 15 per cent in Q2 2015 compared to Q1 2015 although have increased by 9 per cent on the same period in 2014.

• In August 2015 the UK price for petrol was the highest in the EU 15 at 114.5 pence per litre, whilst the UK price for diesel was the highest in the EU 15 at 111.7 pence per litre.

International

• In August 2015 the UK price for petrol was the highest in the EU 15 at 114.5 pence per litre, whilst the UK price for diesel was the highest in the EU 15 at 111.7 pence per litre.

• For January to June 2015, UK domestic electricity prices for medium consumers including tax were the eighth highest in the EU 15, whilst domestic gas prices for medium consumers including tax were the third lowest in the EU 15.