Energy firm accounts 'should be more transparent'

Between 1 July 2019 and 31 December 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £479 or more.

Energy firms should be offering greater price cuts and more transparency with their accounts, according to one consumer group.

Following financial announcements from some major gas and electricity companies, Consumer Focus has called into question "how energy firms are making such healthy and, in some cases increasing, profits in the recession".

Robert Hammond, energy expert for Consumer Focus, said: "There needs to be greater transparency of energy company accounts if consumers are to have confidence that their bills are justified, and are not just lining the pockets of shareholders."

He added: "We also believe there is generally room for further price cuts, which should be made now before winter bills hit consumers' doormats."

Yesterday Scottish and Southern Energy announced a 36 per cent increase in profits in the past six months. British Gas has also announced that it expects profits to increase this year by 43 per cent.

Last month another consumer group, Which?, called for greater clarity and transparency over energy prices.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.