Big six UK energy firms' profits up to £1bn plus

The profits made by the Big Six energy firms in supplying British households have multiplied five-fold to more than £1 billion since 2009, according to figures from regulator Ofgem

Ofgem has warned gas and electricity suppliers
Profits are up at the big six energy firms

The profits made by the Big Six energy firms in supplying British households have multiplied five-fold to more than £1 billion since 2009, according to figures from regulator Ofgem.

It meant they pocketed an average of £53 profit per home last year, representing a profit margin of 4.3% - up from £30, or 2.8%, in 2011.

The figures show that together British Gas, E.ON, EDF, npower, ScottishPower and SSE recorded underlying earnings - before interest payments and tax - of £1.19 billion in 2012, up from £221 million in 2009.

The rise in profits in 2012 from the year before was partly explained by higher gas consumption during a period colder than average, compared to 2011.

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