Energy News

Scottish & Southern ‘profiting in the recession’

Wednesday, 11 November 2009

By Hazel Cottrell - hazel@consumerchoices.co.uk

Customers are struggling with high bills while energy companies are making massive profits, says consumer group.

Consumer Focus has today questioned whether energy companies are using increased energy bills to line shareholders’ pockets, following Scottish & Southern Energy reporting increased profits today.

The independent consumer champion suggested that energy suppliers are able to cut their prices, and should do so now.

Robert Hammond, energy expert at Consumer Focus (www.consumerfocus.org.uk), said: “Millions of customers struggling to afford their energy bills will find it difficult to understand how energy firms are making such healthy and, in some cases increasing, profits in the recession.”

Hammond said energy companies need to make their accounts more transparent if consumers are to have confidence that their bills are justified, and are “not just lining the pockets of shareholders.”

He added: “We also believe there is generally room for further price cuts, which should be made now before winter bills hit consumers’ doormats.”

Scottish & Southern Energy today reported adjusted profits before tax of £410.5million for the first six months of the year, up from £302.6million the year before.