Aaaargh! The power companies are making massive profits!
Profits at Britain’s ‘Big Six’ energy suppliers are five times higher than they were in 2009 as millions of households suffer record bills for their gas and electricity, regulators revealed today.
Labour politicans launched fresh attacks on the Government over the cost of living tonight after Ofgem admitted competition in the energy sector “is not working as well as it could”.
Ofgem said the ‘Big Six’ – British Gas, Npower, Scottish & Southern Energy (SSE), Scottish Power, E.ON and EDF – made a combined £1.2 billion in their household supply businesses last year, up 75 per cent on 2011 and five times higher than £221 million in 2009.
Profit per household was £53 in 2012, against just £8 three years before.
Isn’t it terrible?
Average household dual fuel bill is what, £1,200 or summat? So they’re making 4% of turnover in profits.
Terrible, terrible, gouging there.
This is also interesting:
Ofgem conceded that part of the reason for the dramatic extent of the profits jump since 2009 was that three of the Big Six’s household supply operations were loss-making four years ago, Npower, EDF and E.ON.
Oh, four years ago half the industry was loss making. Now they’re all profitable. So, err, the total profit is likely to have risen.
Not that this will stop the fuckwits whining about it all.