Profit gaps widening for big energy firms

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.

The energy market is not offering consumers a fair deal and should provide cheaper gas and electricity, according to one consumer group.

According to Consumer Focus, there is not enough pressure put on the big six firms to lower their prices and compete in the market place.

The comments came as energy watchdog Ofgem released a report revealing that profit margins for gas and electricity firms are widening.

It estimates that on average £25 pounds is made per electricity bill and £85 is made per gas bill. This is a significant increase on February 2009.

Robert Hammond, energy expert for Consumer Focus, said: "The big question is how much longer consumers will have to wait to get a fair deal. Suppliers should cut prices now, not wait until winter bills have boosted their profits. If energy firms will not do the right thing by their customers it is time for an investigation into the industry by the Competition Commission."

He added that the amount of money made by energy firms was "laughable".

Gas and electricity bills are at their highest during the cold and dark winter months. This makes it an ideal time to compare, and possibly switch, energy suppliers to ensure you are getting the best deal.

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