A report by Citizens Advice reveals that energy network companies in Great Britain made nearly 4 billion pounds in excess profits from household bills during the ongoing energy crisis. This windfall is attributed to regulatory failures by Ofgem, which miscalculated the borrowing costs as interest rates rose. Households paid billions in inflated charges while struggling with high energy costs, all due to a regulatory system that was unable to adjust for fixed-rate borrowing. Dame Clare Moriarty criticized the profits as 'astronomical' and called for a reassessment of these charges to provide relief to struggling billpayers.
We now know that while households have struggled with sky-high energy bills, network companies have been making astronomical profits.
Ofgem allowed regional network companies to recover these costs from household bills even though many were able to secure fixed-rate terms.
The profits were undeserved and above and beyond what would be reasonable, straining households during the cost of living crisis.
The measures put in place have clearly failed; networks should now do the right thing and give this money to those billpayers.
Collection
[
|
...
]