Pricey oil will hit profit margins

Business profit margins in the UK are continuing to take a battering because of rising oil prices, according to the latest monthly business trend report from BDO. Despite the “positive news” of rising UK output, the audit firm suggests high oil prices are likely to hit consumer spending power as well as business profit margins. […]

Energy firms ‘not distorting’ profits

There is no evidence energy suppliers are “distorting” their profits, says the representative group for the Big Six energy suppliers, Energy UK. It is welcoming industry regulator Ofgem’s latest report on how energy firms publish their accounts. Ofgem’s latest report recommends energy firms use a standard method for publishing their profits. It is based on […]

Open up your accounts, Ofgem tells suppliers

Ofgem wants energy suppliers to make their accounts more transparent, it said yesterday. The watchdog’s latest report recommends that energy firms should simplify how they publish their financial information. The call comes as energy suppliers face increasing pressure from the public and consumer bodies to show they are not “profiteering” from unreasonably high bills. Several […]

Huhne accuses Big Six of ‘predatory pricing’

Chris Huhne has announced that the Government will crack down on the Big Six putting up energy prices. Speaking at the Liberal Democrats Conference, the Energy Secretary also claimed that Britain’s low carbon economy was strong for our economic recovery. Mr Huhne said: “We are determined to get tough with the big six energy companies […]

Ofgem appoints BDO to check on Big 6 pricing

Ofgem has drafted in accountancy firm BDO to look at how the Big Six energy suppliers present their profits compared with their prices. This follows Ofgem’s review of the market earlier this year, when they decided to improve accounting transparency. The Big Six are “not just retailers”, said an Ofgem spokesperson, but also generate electricity, […]