Socialist Worker

Fuel price hikes fuel anger

Issue No. 2274

Fury has erupted over rising energy prices after a report by the industry regulator said the average annual profit made by the biggest energy companies has jumped to £125 per customer—a rise of 700 percent.

According to the Ofgem report, profits had rocketed from the £15 per customer recorded in June. The dramatic rise follows a spate of price hikes.

The companies are British Gas, which trades as Scottish Gas north of the border, E.ON Energy, EDF Energy, Npower, Scottish & Southern Energy and Scottish Power.

In total, they have raked in an estimated £30 billion in profits since 2006 with £8 billion going on dividends.

The energy sector gives generously to the Tories.


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News
Tue 18 Oct 2011, 18:59 BST
Issue No. 2274
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