Energy suppliers profits have risen 12% on average, so why are we paying more for our bills?

In 2012, most energy suppliers profits rose by over 10%, with profits as high as £606 million. So why did gas and electric prices soar in November 2012, whilst energy suppliers were making more money than ever?
 
Feb. 27, 2013 - PRLog -- www.eumconsultants.com

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Energy suppliers profits have risen 12% on average, so why are we paying more for our bills?

In 2012, most energy suppliers profits rose by over 10%, with profits as high as £606 million. So why did gas and electric prices soar in November 2012, whilst energy suppliers were making more money than ever?

With increases of around 6% in our gas and electricity bills in November, and reports now stating the huge profits that energy suppliers are making, customers have been left very confused. “We all have heard more than enough about the economy and the recession in the United Kingdom, however because of the recession,  the government and energy suppliers should be working together to try and make life easier for everyone during this time, not increasing our bills” Says Alex Tsimboykas, Sales director of EUM Consultants.

It has also been reported that many of us in the United Kingdom have been affected by the increase of gas and electricity, to the point where almost one third of us have had to go without heat at some point during the winter. “This causes huge concern for the elderly and those that are less well off, those that are just breaking even would risk staying warm at the extra cost, and would deal with the consequences later, however those that cannot afford it, may not take the risk and stay cold just to save pennies” Says Mark McAlear, Managing Director of EUM Consultants.

The big question still remains. Why did energy suppliers in the United Kingdom raise prices of gas and electricity in November 2012 while the economy is in the state it is in, and at the same time making huge profits, some as high as 12% more than the previous year? Energy Suppliers are fighting back, stating that they are making less profit per customer, and some state they have the lowest costs around. “Either way, customers have been left asking the same question, why not keep the rates the same, or maybe go even further and lower them over winter? In general heating is used a lot more in the winter months and so profit would increase regardless, just to show a reward to loyal customers with a price freeze would have been enough to create a great image and happy customers” Says Mark McAlear, Managing director of EUM Consultants.

Anyone that reads the paper or watches the news is aware of the state of the economy, as well as the struggles with energy imports. Is this enough to back up the reason for the rise in prices? Energy suppliers deny the link between the raised prices and profit, but could more have been done to help protect customers, and even more important the elderly?

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