Gas and electricity bills could rise by £140 before winter (despite energy companies making £3.3bn profits since last election)
- Price comparison website warns price hike could be on the way
- Households warned bills could increase by up to 10 per cent before winter
- Britain's big six energy companies seen £3.3bn profits since last election
The announcement came in the same week it was revealed Britain's big six energy companies have enjoyed a £3.3billion windfall in profits since the election.
Price comparison website energyhelpline.com has warned energy companies could be looking at increasing rates between five and 10 per cent before the winter months, which means the average household bill could rise by up to £142.
The website's director Mark Todd said: 'There are clear indications that energy price rises are close.
'I would not be surprised if they are announced within the next two months. In fact you could describe the energy market as a volcano about to erupt.
'The lava may soon descend on consumers across the country wiping out their household budgets.'
The Daily Express has reported the news comes after British Gas warned increases were 'inevitable' and nPower said it was 'indisputable' that energy costs were rising.
Mr Todd said: 'We know from experience, when one supplier announces price rises, others follow and in the last three years these have come in the summer and autumn.
'It may be mere coincidence, but there are distinct advantages of introducing a price rise before the cold weather hits as the increased rates kick in as gas and electricity usage rises.'
On Friday the Daily Mail reported how Britain’s big six energy companies have enjoyed a £3.3billion windfall in profits since the election - while consumers’ bills have soared by £300 a year.
Labour said the figures show that David Cameron has not done enough to crack down on profiteering by gas and electric firms.
Since 2009, Britain’s Big Six energy companies (British Gas, E.ON, EDF, npower, Scottish Power and SSE) have been required to report to regulator Ofgem on their annual profits for generating and selling power.
Between them, they supply 98 per cent of households in Britain.
This represents a total windfall in profits of over £3.3billion since 2010.
According to Ofgem’s latest Electricity and Gas Supply Market Indicators, the typical domestic dual fuel bill now stands at £1,420 a year, compared to £1,105 in May 2010 when David Cameron became Prime Minister.
But Angela Knight, chief executive of Energy UK, said: ‘This is a disappointing and inaccurate bashing of an industry which brings heat and light to 27million homes and business, pays billions each year to the Exchequer and creates employment for over 600,000 people.
‘If a company is to stay in business it has to make a profit. And the more a company has to invest then it has to make more profit to do so.'
Read more: http://www.dailymail.co.uk/news/article-2388634/Gas-electricity-bills-rise-140-despite-energy-companies-enjoying-3-3bn-profits-election.html#ixzz2baNoE7nl
NWN: For the love of God........we NEED to renationalise these companies !
They really are taking the pi**.
And no doubt they will have already bribed our politicians so that when they retire, they get a 'job' from these companies.