East Lothian’s MP, Fiona O’Donnell, has expressed serious concern over news that an energy company’s profits have soared only a few months after it was threatening further price hikes.
The interim financial report from Centrica, which owns Scottish Gas, shows overall profits up by 15 per cent and profits on UK residential customers up by 23 per cent compared with the same period last year.
“Hard-pressed families and businesses across East Lothian will not understand why only a few months after Centrica threatened further price hikes, it is announcing soaring profits.
Clearly the Directors of Centrica should think again before implementing any planned price increases, but we also need action from Government to tackle excessive energy prices.
Instead of challenging the practices, structure and pricing of the energy market, the Government has blamed consumers for not shopping around enough for cheaper deals. Meanwhile it is doing nothing to break the dominance of the energy giants, nothing to simplify tariffs and nothing to protect vulnerable customers from being ripped off.”
Centrica warned in May 2012 that households could see energy bills rise by more than £50 this winter.
Notes to Editor
1. Centrica’s total adjusted operating profit was up 15 per cent from £1.262 billion in 2011 to £1.447 billion in 2012.
2. The operating profit for Centrica’s residential energy supply in the UK was up 23 per cent from £281 million in 2011 to £345 million in 2012.
3. In May 2012, Centrica warned that households could see their energy bills rise by more than £50 this winter.