Energy Companies Accused of Profiting at the Expense of Consumers

📆 02/04/2024 12:17 p. m.
📰 Daily_Record

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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

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