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26/11/2013
Ofgem Highly Critical Of Energy Industry
Energy regulator Ofgem have strongly criticised the UK's big energy suppliers, saying that there was a "deep mistrust of anything the energy companies do or say".
According to the reports, Ofgem acting chief executive Andrew Wright told MPs on the Energy and Climate Change Committee that it was "not surprising that consumers jump to the conclusion that prices are being driven by profiteering."
The comments follow the publication on Monday of figures showing that the profit margins in the gas and electricity industry has risen from 2.8% in 2011, to 4.3% in 2012.
MPs are understood to have been told by Mr Wright that: "Customers are not convinced that the price increases they see are either fair or justified."
(MH/CD)
According to the reports, Ofgem acting chief executive Andrew Wright told MPs on the Energy and Climate Change Committee that it was "not surprising that consumers jump to the conclusion that prices are being driven by profiteering."
The comments follow the publication on Monday of figures showing that the profit margins in the gas and electricity industry has risen from 2.8% in 2011, to 4.3% in 2012.
MPs are understood to have been told by Mr Wright that: "Customers are not convinced that the price increases they see are either fair or justified."
(MH/CD)
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