BEIS to launch investigation over energy companies’ profiteering

The government will reportedly look at claims that energy companies are charging some firms higher prices for fixed-rate gas and electricity

Big Zero Report 2022

Officials are reportedly investigating claims that some energy companies are charging some of their business customers inflated prices for fixed-rate deals.

Trade body UKHospitality had previously raised concerns over possible profiteering saying that the difference between the price energy firms were paying for energy on the wholesale market and how much they were charging their customers had widened despite government intervention through the Energy Bill Relief Scheme.

In a letter sent to the Business Secretary, Kate Nicholls, UKHospitality’s Chief Executive called for a probe by the Competition and Markets Authority.

Ms Nicholls said there “was no reasonable explanation for this colossal increase in margins”.

She added: “There needs to be an avoidance of doubt that energy suppliers are profiteering from the current crisis.”

Last month, the government unveiled an update to its flagship Energy Bill Relief scheme to help more businesses tackle the energy crisis.

ELN contacted BEIS for comment.

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