Crockart Condemns Predatory Profit Taking by Energy Companies

23 February 2010

Liberal Democrat PPC for Edinburgh West Mike Crockart has today condemned the excessive profits that energy companies are making off of the backs of cash strapped consumers.

Mr. Crockart’s comments come after a report by energy regulator Ofgem found that the average net margin for supplying gas and electricity to consumers now stood at £105 per year. This is an increase from the £75 net margin that energy companies received last year.

Consumer groups across the country have said that the report shows that all of the energy companies could easily afford to lower their bills, which are often having a crippling effect on the most disadvantaged.

Speaking after the report was released, Mike said,

”Not a day has gone by this winter where people in Edinburgh have been forced to turn off their heating because they knew that their bill would be too high for them to pay.”

“This comes after energy companies continue to make record profits by charging gas and electricity prices which in no way reflect the massive decline in wholesale energy costs since the beginning of 2009. “

“I would hope that the energy companies finally come to their senses and realise that they are hurting many people, such as pensioners who are on fixed incomes, and lower their bills to a level more in tune with prices on the wholesale energy market.

ENDS