UK energy suppliers profit margins increase by huge amount, according to Ofgem
At a time when prices have risen and trust levels have fallen to an all time low, it has been revealed that energy supplier's profit margins have increased massively, according to an article published by BBC News.
Energy industry regulating body, Ofgem has revealed that the overall profit margin per person displayed a rise from Â£15 to Â£125 per person in June.
Rebuking any possible criticism, director of Energy UK - the body, which represent energy suppliers - Christine McGourty has defended the energy companies.
She stated: "A snapshot of profits every few months does not provide a realistic picture of the average profits over a year of companies in the sector."
"It is the rising cost of wholesale energy that has contributed to the increase in customers' bills this year."
A spokesman for Scottish and Southern - one of the members of the so-called "Big Six" energy suppliersÂ - also commented on the figures arguing: "The approach adopted by Ofgem in calculating this figure is entirely theoretical and does not reflect how a responsible energy business manages its energy management strategy in reality."
Ofgem has forecast that profit margins will fall by next year - to Â£90 per customer - as the price of energy production rises.
Latest gas and electricity news brought to you by UK Power - the energy price comparison site.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.