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UK chancellor to act over energy firms profits
Added: (Tue Mar 11 2008)
UK energy firms face government action to curb profits for energy companies, it has been reported.
The chancellor of the exchequer Alistair Darling is expected to announce the moves which will seek to exert greater control over tariffs.
It is hoped that the move will assist the plight of Britons deemed to be living in fuel poverty from whom it is alleged the big six energy firms make up to £400 million in excess profits.
Those affected will be the 3.8 million electricity customers and 2.8 million gas customers who use pre-payment meters, the Financial Times reports.
News of the Mr Darling's proposal comes after EON, npower, British Gas and Scottish Power all confirmed double digit price increases earlier this year, citing higher wholesale energy prices as justification for the increases.
Graham Kerr of Energywatch, said: "We have hard evidence of £400 million of excess profits being taken off the poorest members of society just at a time when fuel poverty is continuing to rise."
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