Energy Firms Make £3.3bn Profit As Bills Rise
Britain's big six energy companies have raked in £3.3bn in profits over the last three years, at a time when consumers have been hit by an average £300 increase in their bills.
Shadow energy secretary Caroline Flint disclosed the figure as she criticised the Government for failing to reform the "broken" energy market at a time when families are struggling with a "cost in living".
The big six, British Gas, E.ON, EDF, npower, Scottish Power and SSE, together supply 98% of Britain's 26 million households.
Figures from Ofgem, the watchdog to whom the firms must report their profits, showed that since 2010 they have earned £3.3bn.
This when households have seen a £100 a year increase in their power bills every year for the last three years.
Ms Flint said: "The public have been left with a £3.3bn price tag for David Cameron's failure to act on rip-off energy bills.
"He's totally out of touch with millions of people and small businesses who are struggling with soaring energy bills.
"His failure to reform Britain's broken energy market is leaving hard-pressed bill-payers massively out of pocket."
Last month RWE npower estimated that increases would only get worse, claiming that bills would increase by a further £240 by 2020 - £100 more than the Government's own estimates.
The firm's chief executive, Paul Massara, attributed the rise to the cost of developing new green technologies to provide power.
Late last year, Mr Cameron promised that energy companies would be compelled to give consumers the lowest tariff to end confusion and stop homeowners repeatedly having to shop around for the best deals.
However, a government impact assessment this year found that millions of families could end up paying higher energy bills under the reforms.
Government plans to limit suppliers to offering only four tariffs would likely lead firms to dropping their cheapest deals.
Last week, British Gas said it was examining the prospect of offering consumers free energy on Saturdays in an attempt to encourage people to use power when demand is typically lower.