EDF Energy announces big profits for 2011

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Gas ring

EDF Energy - one of the 'big six' energy suppliers - has revealed an increase in profit on its operations in the UK, according to an article published by My Finances.

Whilst the company also announced sales of energy were down by eight per cent, it saw profits increase by in excess of eight per cent - thanks largely to the 15.4 per cent price increase implemented in November of last year.

The profit levels - which rose to €1,912 million, compared to the €1,790 million recorded in 2010 - have led many consumer groups to argue that EDF Energy should implement further price cuts to alleviate the pressure being felt by many households across the UK.

Director of consumer policy at uSwitch.com, Ann Robinson, stated: "On the back of the profits announced today, we would urge EDF Energy to relieve the pressure on its UK household customers by passing on the benefits of lower wholesale prices.

"It previously cut its gas prices by five per cent on the 7th of February and now is the time to go even further."

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