(UK) Energy firms' profits per customer rise 733%, says Ofgem

[kristopher]

Energy firms' profits per customer rise 733%, says Ofgem

Energy regulator proposes 'radical reform' of energy market and simpler tariffs as it reveals net margin for typical customers has risen from £15 in June to £125 in October

A furious row has broken out today between the energy regulator and the "big six" power companies after Ofgem in effect accused the utilities of profiteering by increasing their profit per dual-fuel customer by 733% – from £15 to £125 – through a slew of price rises.

Alistair Buchanan, the Ofgem chief executive, said a "radical break" was needed in the way that energy companies operated to rebuild trust among householders and other power users.

"When consumers face energy bills at around £1,345 they must have complete confidence that this price is set by companies competing in a fully competitive market. At the moment that is not the case," he said...

http://www.guardian.co.uk/money/2011/oct/14/energy-firms-profits-rise-ofgem


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