Energy bills rise but cost to power companies falls, warns watchdog
Energy companies will extract record profits from hard-up homeowners, the industry watchdog has warned.
Ofgem told The Sunday Times that the six big power firms will more than triple their profits in the next year - getting an extra £110 profit from each household.
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Feeling the heat: Families face a squeeze as energy bills rise
The average gas and electricty bill has risen from £1,310 last year to £1,420 in 2013. However, the cost of energy to the suppliers has fallen.
The warning comes ahead of Wednesday's budget.
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MPs are to question energy companies over allegations they are raking in large profits at the expense of consumers.
Tim Yeo, Tory chairman of the energy and climate change committee, said it would investigate the Ofgem figures.
Energy companies say the figures are a snapshot estimate of profitability over the next year, with British Gas claiming Ofgem had not taken into account discounted tariffs it gives to customers or actual wholesale costs.
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