Ian Austin MP

Labour MP for Dudley North

Energy bills update

Citizens Advice campaign against excess profits for big energy firms

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In May I supported Citizens Advice’s campaign on energy bills and backed 5 pledges to make sure hard working people in the Black Country weren’t footing the bill for energy companies’ big profits.

I am really pleased to hear that after their consultation Ofgem is on track to meeting 2 of these pledges with progress being made on the other three.

In the West Midlands companies make £305 per household of excess profits per year, the third highest rate in the UK. Energy bills are a huge outgoing for people and I know that £305 extra in people’s pockets would make a huge difference to people in Dudley when budgets are tight.

The 5 pledges I supported and urged Ofgem to meet during their recent consultation were:

  1. Profits are lower than the previous price control, to more accurately reflect the relative low risk for investors in this sector.
  2. The value of any unspent funding for infrastructure projects is returned to consumers promptly and in full.
  3. Industry business plans and regulatory decisions are directly informed by consumer (including future consumer) feedback and research.
  4. Companies are required to publish complete information on their performance, financial structures, gearing and ownership.
  5. Innovation funding and incentives support consumers in the transition to a low-carbon future, particularly those consumers in vulnerable circumstances

Thanks to Citizens Advice and their fantastic volunteers who work so hard to help people in Dudley and across the Country.

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