npower faced stinging criticism today as it announced its profits went up by 34% from the year before. The company claimed its profits came from generation assets, but that didn’t convince campaigners after suppliers announced major price rises last year.
Adam Scorer, Director of Policy and External Affairs at Consumer Focus said: “We need successful energy firms and increased investment in our energy supply is welcome. However a rise of a third in profits will clearly leave consumers questioning whether further savings could have been passed on to customers.”
Last October the Government held an emergency energy summit with power firms following the price rises but despite promises to improve transparency and the threat of tougher regulation, today’s profit news left campaigners unconvinced.
Paul Steedman, Friends of the Earth’s Energy Campaigner said: “David Cameron must hold a public inquiry into the power of the Big Six and stop the energy rip-off.”