Citizens Advice campaign against excess profits for big energy firms
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:
- Profits are lower than the previous price control, to more accurately reflect the relative low risk for investors in this sector.
- The value of any unspent funding for infrastructure projects is returned to consumers promptly and in full.
- Industry business plans and regulatory decisions are directly informed by consumer (including future consumer) feedback and research.
- Companies are required to publish complete information on their performance, financial structures, gearing and ownership.
- 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.