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Consumers paying too much for electricity

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Consumers paying too much for electricity
Photo: DPA
08:34 CEST+02:00
Despite wholesale electricity prices dropping some 50 percent recently, German households paid 5.8 percent more for power than last year, daily Bild reported on Tuesday.

The paper cited a study by consumer testing organisation Verivox.de, which compared energy costs from the European Energy Exchange (EEX) to costs relayed by local energy providers. They found that the cheaper wholesale energy costs were only passed on to customers with special contracts, such as large companies, which saw a reduction of some 8.5 percent in costs.

The study found that a four person household is paying an average of at least €124 too much each year.

“Here the antitrust agencies are necessary,” Peter Blenkers, energy expert for the consumer protection agency in the state of North Rhine-Westphalia, told the paper. “They must test whether this concerns legal things.”

Blenkers also said that German customers are too timid when it comes to switching energy providers.

“Two out of three customers are still with expensive utilities, only 10 percent of all customers have changed their electricity provider,” he said. “And this even when a change often means €100 or more in savings.”

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