Power firms to grab £3.4bn extra profit

[theHandpuppet]

Source: The Scotsman

Power firms to grab £3.4bn extra profit
Published Date: 19 September 2009
By SHÂN ROSS

BRITAIN'S big six energy companies have rejected calls to cut prices, despite a halving in the wholesale cost of gas and electricity over the past year.
A report by Ofgem, the energy watchdog, has revealed that energy companies will be earning £170 profit from each dual-fuel customer over the next year – up from an average of £110 a year over the past three years.

The big six companies will earn an estimated extra £3.4 billion in profit over the next 12 months if they fail to pass on price falls to consumers, according to energy consultants Ineco.

Politicians and campaigners said there was now scope for significant price cuts this year for more than 26 million customers and accused the energy companies of indulging in "a chorus of excuse and self-justification"... MORE

Read more: http://thescotsman.scotsman.com/latestnews/Power-firms-to-grab-34bn.5661817.jp

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I suppose we shouldn't be surprised by such news but the older I get, the more I think unfettered capitalism will be the death of us all.

[aquart]

1. When companies say that, I say, "Nationalize."

But that's just me. I'm mean.

[theHandpuppet]

2. I'm hearing ya

And I'm wondering at what point folks will have had enough of this insanity.

[angstlessk]

3. but yet the next time wholesale prices go up they will beg poverty and demand

higher rates. Prices NEVER go down, profits go up and more profits over last year is an absolute necessity. yes, capitalism IS insane!

[pattmarty]

4. I think you can pretty much thank the UK's version of st ronnie, Margaret Thatcher for most of this