As energy prices soar, so do profits

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A topic from News & Current Affairs: Business

laresFri 14/10/11 11:53

"The profit margin for energy firms has risen to £125 per customer per year, from £15 in June, says regulator Ofgem.

The profit figure is a snapshot of the amount suppliers would make from dual-fuel customers if energy prices and bills stay unchanged for the next year.

Ofgem also said it would force suppliers to simplify tariffs to make it easier to compare prices.

Energy UK, which speaks on behalf of energy suppliers, said the profit margin figures were not "realistic".

"A snapshot of profits every few months does not provide a realistic picture of the average profits over a year of companies in the sector," said Christine McGourty, director of Energy UK.

"It is the rising cost of wholesale energy that has contributed to the increase in customers' bills this year."

The profit margin has risen because, since June, the providers have raised prices by more than the increase in wholesale energy costs."

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