News Formal

Energy Companies Accused of Profiting at the Expense of Consumers

  • 📰 Daily_Record
  • ⏱ Reading Time:
  • 24 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 41%
  • Publisher: 89%

Energy News

Energy Companies,Profit,Consumers

Campaigners claim that energy companies have made a £420 billion profit in the last four years, causing pain and suffering among people in fuel poverty. The surge in wholesale energy prices triggered by Russia's invasion of Ukraine has led to increased profits for energy firms but also raised bills. Energy debts have reached a record £2.9 billion, and shock research reveals that one in three households in Scotland live in fuel poverty.

Energy companies are taking consumers for fools by raking in a £420billion profit bonanza in the last four years, campaigners claim. Just 20 companies have made a combined £420bn since 2020, according to the End Fuel Poverty Coalition campaign. Russia's invasion of Ukraine in 2022 triggered a surge in wholesale energy prices, leading to fattened profits for energy firms but also raised bills.

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: "The energy firms are taking us for April fools. "These numbers may look like fantastic amounts to shareholders, but the reality is these profits have caused pain and suffering among people in fuel poverty." Energy debts, meanwhile, have hit a record £2.9bn. Shock research earlier this month found one in three households in Scotland live in fuel poverty – with 18 per cent in "extreme poverty

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 9. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Full list of energy companies ranked from best to worst for customer serviceHow well does your energy provider do on customer service?
Source: Daily_Record - 🏆 9. / 89 Read more »

2 Companies That Could Help Europe Win Its Energy War With RussiaEurope's energy crisis, driven by geopolitical factors, presents significant investment opportunities in LNG and domestic natural gas production.
Source: OilandEnergy - 🏆 34. / 68 Read more »