Big energy firms made £1bn profit last year as margins rise

Ofgem says big six electricity and gas suppliers charged higher prices to consumers who failed to switch The UK’s biggest energy companies made a profit of £1bn last year and have increased their profit margins in recent years despite losing millions of customers to challenger firms, according to Ofgem.The energy regulator said the big six suppliers enjoyed a healthy margin of 4.5% on average in 2016 by charging higher prices to consumers who have not switched, with the gap between the best and worst tariffs widening to £300 a year. Continue reading…
Via: Big energy firms made £1bn profit last year as margins rise