Energy firms see profits rise - 14/10/2011
The Big Six energy suppliers have all seen their profit margins increase over the last year, with recently introduced price hikes helping contribute to the rise.
This is according to the latest Electricity and Gas Market Report from Ofgem, which found the typical consumer on a dual-fuel tariff now pays £1,335 a year for their energy supplies.
It noted that between June and November, the average bill for those on standard deals will have climbed by £175.
The report also revealed the typical profit made by an energy firm per customer is £125 - a rise of £110 since the last publication was released in the summer.
Looking forward, Ofgem predicted wholesale costs for gas and electricity will continue to rise, which will see margins for energy companies gradually decline over the coming months.
Recently, it was stated by Friends of the Earth that an increased dependence on imported fuel is driving price increases for gas and electricity, with the group warning investment in clean power in the UK will be vital to halting further increases.
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