Socialist Worker

Stop the fuel bill robbery

Issue No. 2439

Energy firms are grabbing billions

Energy firms are grabbing billions

Energy bosses have robbed £3 billion during the last two years through inflated prices—that’s £145 from every family. 

They’re continuing to boost their profits this winter, while two million families struggle to pay their bills.

Yet wholesale gas prices have tumbled more than 20 percent since early December 2014. 

Bosses are boasting that they’ve passed on part of the price cut to ordinary people. 

EDF cut its gas bills by a measly 1.35 percent, while Npower dared to go as far as 5.3 percent. These are crumbs compared to their profits. 

While the price cuts amount to an average of £21, bosses are making £37 more profit out of each household this year. 

Energy UK cartel head Lawrence Slade claimed, “You can’t suddenly pass the savings on in one chunk.” But even by the rules the bosses claim to use, the bill cuts could have been up to 10.3 percent.

The real problem is the market, which lets a handful of firms rake in profits and keep prices high. 

We should nationalise the lot without giving a penny to the energy bosses, and run them to meet people’s needs. 

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Tue 3 Feb 2015, 18:33 GMT
Issue No. 2439
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