The Big Deal reacts to British Gas's profit annoucments.
In the last year wholesale prices have dropped by 34% for gas and 23% for electricity. Today British Gas announced profits rising by 31% to £574 million in the last year.
Responding Will Hodson, co-founder of consumer collective the Big Deal, said:
"What a surprise - in the last year wholesale prices drop by 30% and British Gas's profits rise by 30%. They had a simple choice: offer lower prices to hard-working families, or make higher profits for themselves. Today's results make clear what they chose. It is completely unfair.
"British Gas's gleeful announcement of hundreds of millions of profit and 'resilient financial performance' is a slap in the face for families across the country."
For further information contact Henry de Zoete on at henry at thebigdeal dot com or Edward Molyneux at edward at thebigdeal dot com
Notes for editors
About The Big Deal - www.thebigdeal.com
The Big Deal is a consumer collective focused on reducing people's energy bills. We bring together tens of thousands of consumers and use our collective buying power to create exclusive deals.
Launched in March 2014, we now have over 100,000 members and continue to grow. 62% of our members have never or hardly ever switched before - these are the very people who have been let down by the energy market for too long. Moreover, 60% of our members are over the age of 55 and 30% over the age of 65. We have saved the British public over £5 million since we launched.
The Big Deal is a start up business and charges a commission to energy companies. Unlike price comparison websites we are 100% transparent and publish the exact amount of our commission. For our current switch that is £40 for a dual fuel (both gas and electricity) switch. This compares to £50 to £100 for the main price comparison websites.
The Big Deal research exposes price comparison sites' dodgy behaviour online and over the phone
On 20th October 2014, The Big Deal published research that showed that the Big Five switching websites (Go Compare, Compare the Market, MoneySupermarket, uSwitch and Confused) all hide the cheapest deals from users because they don't get paid by energy companies for them. The full research including over 200 screenshots taken over 13 weeks can be found at: https://thisisthebigdeal.com/blog/research-into-price-comparison-websites
On 2nd February 2015, The Big Deal published similar research except into activity over the phone that found that all the Big Five switching websites (Go Compare, Compare the Market, MoneySupermarket, uSwitch and Confused) hid the cheapest deal when talking to customers.
This research led to an official investigation into the behaviour of the Big Five price comparison websites by the Energy and Climate Change Select Committee.http://www.parliament.uk/business/committees/committees-a-z/commons-select/energy-and-climate-change-committee/inquiries/parliament-2010/energy-price-comparison-websites/
The energy regulator Ofgem also tightened up the rules around comparison sites following our investigation: http://www.bbc.co.uk/news/business-30912626