Energy supplier set to announce profit rise of 43% - 13/11/2009
Consumers may choose to switch gas and electricity companies with news that British Gas is to announce an increase in profits of 43 per cent.
The company has attracted criticism because although consumer bills have been reduced by ten per cent, wholesale energy costs for gas and electricity have fallen by more than twice that figure through the course of 2009, reports the Guardian.
Gas consumption in the UK has fallen by seven per cent so far this year, but the firm's residential division is still on course to surpass last year's profit figure by more than £160 million.
Robert Hammond, an energy expert with Consumer Focus, said: "The suppliers are getting away with making huge profits while over five million UK consumers remain in fuel poverty."
He called for all energy suppliers to reduce their prices to avoid the number of fuel poor homes increasing in the UK.
Centrica, the parent company of British Gas, said it needs funds to invest in renewable energy projects throughout the UK.
All the UK's major suppliers have implemented price reductions to varying degrees this year.
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