Responding to npower’s results announced today, Adam Scorer, Director of Policy and External Affairs at Consumer Focus, said:
‘We need successful energy firms, and increased investment in our energy supply is welcome. However a rise of a third in profits will clearly leave consumers questioning whether further savings could have been passed on to customers.
‘We’ve seen consistent reports of steady profits from suppliers – showing the energy industry is virtually recession-proof. This is very different to the experience of hard hit consumers who’ve seen big price rises and only small cuts. Customers need much greater transparency over pricing and profits to ensure the price they pay is continually fair and rebuild their trust in this market.’
Ofgem recently carried out an independent audit of the suppliers accounts. Consumer Focus wants to the regulator act upon the recommendations of the auditors – to make sure information is fully transparent, comparable, and includes profit and trading information from across the whole of their business.