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A Silver Lining in Energy Expenses

Frequent increases in energy bills have always been worrying consumers, especially the individuals, as it directly impacts their cost living. The government, which has been aware of this issue, has finally decided to bring about some reforms that would help bring down the energy bills.

Energy costs in UK

The cost of living has been on the rise and there have been several protests in this regard. One of the major contributors to the rise in living costs has been the increase in energy bills. The government now appears to have come up with plans to address concerns in this area which can benefit the general public. Changes have been proposed in the Energy Company Obligation which could result in cost savings for the energy companies. The Energy Company Obligation is an insulation scheme that is delivered by the big players in the arena of energy supply. As per government sources, these are reforms, a part of which are aimed at increasing competition among the energy suppliers which will ultimately benefit the end customer.

The predicted outcome

The main expectation from these reforms is the reduction in energy bills for household customers. It has been predicted that the average reduction would be around 50 GBP, although the actual change would depend largely on the supplier. One outcome of these changes is that the customers will also be able to shop around and select an energy supplier of their choice. As part of these reforms, the government has also proposed to provide funds to make both new and existing buildings energy efficient. It is planned that the recoveries resulting from crackdowns on tax defaulters will be used for funding these new measures.

Source: http://www.telegraph.co.uk/finance/personalfinance/consumertips/household-bills/10487472/Big-Six-energy-suppliers-to-pass-on-50-saving.html