More transparency needed in energy market says Stephen Fitzpatrick of Ovo Energy
MORE transparency is needed in the energy market after British Gas announced a rise in profits months after putting up fuel bills, according to the head of a county-based utility firm.
Stephen Fitzpatrick, managing director of Ovo Energy, in Cirencester, said consumers wanted to see a more "competitive market" with tariffs that are easier to understand.
Profits from British Gas' residential energy supply arm has risen 11 per cent compared to a year ago, to £606 million. The company said gas consumption had risen by 12 per cent. The utility firm increased prices in November. Speaking on BBC Radio 5 Live, Mr Fitzpatrick said: "I don't have a problem with British Gas earning profits but I think most consumers would like to see them having to work harder to make that profit in a competitive market, and I think that's where the problem comes.
"There is some competition but most energy companies look and sound the same. Customers don't often understand what they are paying for and so when they hear that large energy companies are making big profits they assume it is at their expense."
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Mr Fitzpatrick and his wife set up Ovo Energy three years ago. It now supplies around 150,000 customers.
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