Fuel prices soar along with profits
9:54am 28th July 2011
Centrica, The company which owns British gas has just announced profits of 1.3 BILLION pounds.
That's just for half of this year.
The energy supplier made 270 million pounds of that from us through British Gas.
It's also been announced there hiking the price of gas and electrity by 16 percent.
An OFGEM spokesman gave this reponse :
“British Gas must explain their profits and prices to their customers. Ofgem’s role is to ensure that the market works in the interests of energy consumers. That is why we are pushing ahead with a raft of sweeping reforms to the retail market to increase the competitive pressure on the Big Six energy suppliers.”
“Our proposals seek to cut away the complexity facing consumers with over 400 individual tariffs available. We also want to break the stranglehold the Big Six have over the electricity market by making them auction up to 20% of their power generation to make it easier for existing smaller suppliers, and more attractive for new competitors to enter the market.
“While our reforms are being introduced we will continue to act quickly if we have evidence that energy companies are in breach of their legal obligations. Yesterday's announcement of a £2.5 million fine on British Gas was an example of our determination to ensure energy firms abide by the rules.”
Oil giant Shell has also announced massive profits.
They got 4-point-89 billion pounds in just three months this year.
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