‘Once and for all’ energy investigation begins

27 June 2014

energy bills It’s a day of reckoning for the money grabbing energy companies, as Ofgem has asked the Competition and Markets Authority to investigate their profits and prices.

The referral means there’ll be some serious explaining to do and the investigation is due to start immediately.

*rubs hands with glee*

Every member of the Big Six - British Gas, SSE, Npower, EDF, Scottish Power and E. On - will be crapping themselves as the probe tries to determine ‘once and for all’ whether they are making excess profits.

Dermot Nolan, Ofgem chief executive, said: 'Prices have risen more than they should have, we believe, over the last few years. Profits have risen, prices have risen, margins have risen.
Competition is not working well, consumers are probably paying more than they should have and we need to put in step a process that is going to force competition to drive costs down.’

The investigation will take about a year, and if they find that the Big Six have ripped customers off, the companies will be broken up, and all those energy fat cats will have to go on the scrounge.

If the companies were right, and wholesale prices, energy infrastructure and all that jazz were driving the price rises all along, we’ll have to find something else to moan about.

But something tells us they’ll only have to take one look at all those Chateaubriand dinners and enormous pay packets, and the decision will be clear...

TOPICS:   Utilities   High Street News

2 comments

  • Gas M.
    So, they get found out. They'll get fined. They'll pass that charge onto consumers. Aces!
  • Jack S.
    This investigation will just disappear into a black hole and we'll never hear anything more about it. And why a year to determine whether they are making excess profits? Every 6 months on the news one of them is announcing £1 billion pound profits. Is that not just a teeny bit excessive? Wholesale price of gas has halved in the last 6 months, hands up all those of you who have recieved a lower gas bill? Anyone? No? Fancy that.

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