Profits grow as energy prices rise - Gas and electricity - News - Moneyfacts

News

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 It is now over 6 months old so the content may be out of date.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?

Compare Gas & Electricity suppliers and save up to £331 per year

Looking to beat the energy price rise? Use our comparison helpline and call: 0800 074 0745

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

British Gas freezes standard energy tariffs

British Gas has announced that it’s freezing its standard gas and electricity tariffs for the winter, ensuring that customers needn’t worry about price rises in the chilly months ahead. But is that enough to ensure households aren’t paying too much?

Living in a new home could cut fuel bills by half

Older homes will always be slightly more expensive to heat, with less insulation and sneaky draughts making these character-filled homes harder to heat efficiently. But did you know just how much more this could cost you? It could be double…

Standard energy tariffs are “fundamentally unfair”

We all know how expensive energy bills can be, particularly at this time of year when we’re all turning the thermostat up a notch. But what if you’re paying even more than you should be? If you’re on a standard tariff, that’s a very real possibility.
 
Close