Tom has called on the government to use the hidden profits of energy firms to give a boost to innovation in the sector.
Yesterday it emerged that the ‘Big Six’ has been making profits, from households across the country, seven times higher than they previous claimed. An investigation by the Sun newspaper revealed that companies made as much as £272 profit from each family on standard variable tariffs each year.
Families can only avoid paying this premium by swapping policies regularly, meaning reliable customers are milked by the very companies they show loyalty to.
It’s outrageous that these huge energy companies have hid the extent of their profits made off the back of hard working families. It is right that customers can shop around to get the best deal but those that don’t shouldn’t be taken for a ride.
The government should recoup the profits that these companies have hidden and put it back into funding innovative projects in the energy sector – Carbon Capture and Storage, tidal energy projects and energy storage measures – that will save the environment and reduce cost of energy in the long run.
Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy, said he would be summoning Energy UK representatives of the energy companies for a meeting on this matter.