Labour MP will bring in amendment to the Energy Bill to stop companies earning profits above inflation.
Concerns over energy profits have grown in recent months as the Big Six have all announced price rises of between 6% and 10% over recent months. Companies blame wholesale energy prices for rises and announce profits of 2%, but John Robertson MP, who sits on the energy committee, said accounts did not always show the true story. He said that money from the Government for investment into renewables is never printed and so profits could be much larger.
John Robertson MP said that the consumer was getting “an absolutely deplorable deal” and “we do not have that word trust attributed to the Big Six”.
The Energy Bill aims to tackle rising prices by providing stability in the energy markets, which will encourage investors to spend additional money. The Government has also expressed an interest in including an obligation in the Bill for companies to put all customers on the cheapest tariff.