UK’s Big Six energy suppliers record 75% boost in profits

Despite pushing up their energy bills and claiming that they’re forced to do so in order to keep them afloat, the truth of the matter is that the UK’s Big Six energy suppliers have recorded some pretty hefty profits back in 2012, up by 75% compared to the previous year, a media news report has revealed.

Energy market regulator Ofgem has revealed that suppliers made an average profit of £53 per household customer last year, with the average dual fuel bill rising to £1,174 – £167 more than the year before.

The regulator added that the rise in profits was due to higher household usage due to cold weather as well as higher prices, with the combined profit margin for supply to homes and businesses also rising to 3.6% at £1.6 billion.

The regulator said: “There is some evidence of rising profit margins. This rise has been due to a combination of higher prices and volumes (i.e. revenues) rather than lower costs.”

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