Top Energy Supplier profits from power
One of the UK’s top six energy firms Scottish and Southern Energy is expected to announce a doubling of its profits, reports energyhelpline.com – news that could see customers switching energy providers.
It has been predicted that the company, which supplies gas and electricity, will announce pre-tax profits of almost £600 million for the second half of this year, which is double the figure recorded for the end of 2008, the Daily Mail reports.
This information is likely to anger many consumers, who will now wonder why the energy company has not introduced more substantial price cuts over the last few months, given its increase in profits. As well as not receiving reduced gas and electricity rates as the wholesale energy prices have fallen considerably since summer 2008.
According to the newspaper article, David Hunter, an energy consultant at independent consultancy McKinnon and Clarke, said the fact that suppliers are still failing to pass on massive reductions in energy prices, which they have been benefiting from themselves for nearly a year now, is approaching scandalous proportions.
Energy suppliers used to respond to this sort of criticism by saying that they buy their stocks in advance so price reductions can take several months to reach the consumer, and that they also need capital to fund developments in renewable energy.
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Source;
Energyhelpline.com/ Gas and Electricity News
http://www.energyhelpline.com/news/article.aspx?aaid=19392396&y=2009&m=10&w=1&pid=1