Did Big Six energy firms grab £7bn in profits over the last five years?

SSE, ScottishPower, E.ON, EDF and Centrica have allegedly banked billions in operating profits

Five of the UK’s ‘Big Six’ energy suppliers reportedly recorded £7.66 billion in cumulative earnings before interest and taxes (EBIT) in the last five years.

That’s according to an investigation by The Independent which analysed statements prepared for Ofgem and found that SSE, ScottishPower, E.ON, EDF and Centrica, owner of British Gas banked operating profits.

An E.ON spokesperson told ELN: “The residential energy retail sector has been losing money for several years and that’s the reason almost 30 companies have gone bust in the last six months, adding billions in costs to customer bills. E.ON alone has lost almost one billion pounds in the last three years in this segment.

“The UK needs healthy companies that are sustainable and have the capability to invest in a lower carbon future. At E.ON we have invested over a billion pounds in recent years to support customers, despite making significant losses, which includes investing in energy efficiency, in smart meters, and in helping customers themselves get to zero carbon.”

EDF Energy declined to comment.

However, since 2016, the company made a loss of around £161 million in residential energy supply.

In addition, last year, publishing EDF Group’s annual results for 2020, it said that its EBIT reduced by £862 million.

ELN has contacted ScottishPower, SSE and Centrica for a response – neither responded before publication.

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