Ofgem shows excess profits are the real source of soaring energy bills

Commenting on new figures published today (Monday) by Ofgem, which show that the profits made by the big six energy companies have increased five-fold since 2009, TUC General Secretary Frances O’Grady said:

“Ofgem shows excess profits are the real source of soaring energy bills.

“With the government prepared to cap pension charges and pay-day loan interest, they should do the same for energy bills, and stop suggesting that anyone who supports a price cap lives in a Maoist commune.

“We also need to ask hard questions about why some ministers have been prepared to go along with energy company bosses in blaming green levies and help for the less well-off, when what has gone wrong is profit grabbing in a bust market.”

NOTES TO EDITORS:

- The Ofgem figures show that the profits of the big six energy companies have increased from £221m in 2009 to £1.19bn in 2012.

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