Britain\u2019s\u00a0energy suppliers\u00a0are set to rake in a massive \u00a31.74bn in\u00a0profits\u00a0from hard-pressed customers\u2019 bills over the next 12 months, according to a shock new report.<\/p>\n\n\n\n
It comes as a separate study found that regulator\u00a0Ofgem\u2019s energy price cap is preventing customers from accessing lower tariffs, harming competition and boosting inflation.<\/p>\n\n\n\n
Rishi Sunak\u2019s government has indicated it is unlikely to step in again to protect\u00a0Britons\u00a0still struggling with their\u00a0energy bills\u00a0\u2013 dismissing the idea of another subsidised price guarantee.<\/p>\n\n\n\n
Despite the continued cost of living problem, UK energy providers will be allowed to increase the amount they charge variable-rate tariff customers.<\/p>\n\n\n\n
According to Warm This Winter, a coalition of anti-poverty and environmental organisations, suppliers’ annual profit from the average customer on a variable tariff has risen from \u00a327 in 2017 to \u00a3130 in early 2023.<\/p>\n\n\n\n
According to the analysis, prepared in collaboration with Future Energy Associates (FEA) analysts, the gas and electricity majors will benefit \u00a31.74 billion from variable customers alone in the coming year.<\/p>\n\n\n\n
End Fuel Poverty campaign organiser Simon Francis said the research “sheds light on the murky depths of Britain’s broken energy system.”<\/p>\n\n\n\n
Mr Francis also urged the Sunak government to implement a “social tariff” to ensure affordable rates for low-income families, saying, “Without a fundamental overhaul of the energy grid and energy tariffs, households will continue to lose out while suppliers profit.”<\/p>\n\n\n\n
The amount excludes fixed-rate tariffs and profits gained through allowances for Covid debt and Russia’s invasion of Ukraine, all of which contributed to the massive profits revealed by British Gas and Scottish Power last month.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Britain\u2019s\u00a0energy suppliers\u00a0are set to rake in a massive \u00a31.74bn in\u00a0profits\u00a0from hard-pressed customers\u2019 bills over the next 12 months, according to a shock new report. It comes as a separate study … <\/p>\n