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Profits grow as energy prices rise

Profits grow as energy prices rise

Category: Gas and electricity

Updated: 07/03/2013
First Published: 05/03/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

RWE, the parent company of energy provider npower, has announced an operating profit of £390 million for 2012, a 34% increase from 2011.

The substantial profit increase will be a kick in the teeth for households who have been hit hard by rising gas and electricity prices this winter. All six major energy providers hiked their rates late last year, angering millions of consumers already struggling with escalating living costs.

Mark Todd, director and co-founder of energyhelpline, said: "Prices up and then profits up – it seems to be the same story in the energy market. Today, consumers are dealing with yet more news of double digit profit from another major energy supplier.

"There are only two ways to cut your energy bills – use less and pay less.

"To use less, homeowners need to take advantage of all the help they can, with cut-price insulation and other energy efficiency schemes. To pay less, bill-payers need to switch regularly," he advised.

What next?

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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