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Ofgem to investigate gas and electricity price rises

Ofgem is to investigate gas and electricity price rises, as figures show that energy suppliers’ average net profit has risen 38%.

Energy suppliers British Gas, ScottishPower and SSE all announced energy price rises in the last month, in part, it was claimed, due to the rising price of wholesale gas.

However, calculations from Ofgem’s quarterly report found that companies now stand to make £90 net profit per dual fuel customer, compared to £65 in September- a 38% rise in just three months.

This has prompted an investigation into the transparency and practices of energy suppliers that is due to be completed in March 2011.

  • RONALD ELLAMS

    No doubt that toothless watchdog Ofgem will give the greedy energy companies the all clear and allow them to keep on ripping us off in this country while on the continent they are more tightly regulated where they are no allowed to increase their prices there by more 1 and a half per cent so making us on mainland Britain subsidise their customers on the European mainland At the same time they are quick to pass on the full cost of wholesale gas prices to us in the Uk Not so quick to pass on the full reduction when it comes down though The industry needs to be taken back into public ownership It was sold off cheap enough by the last tory government I won’t hold my breath on that one

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