WATCHDOG OFGEM WARNS ENERGY GIANTS -- Update 7 January, 2015

UPDATE:  7 January, 2015 --  The crude oil prices had been dropping for months and is half the price but not a penny off the tariffs.

AGAIN WHAT IS OFGEM DOING ABOUT IT? They have the power to fine them up to 10 per cent which could be given to the consumers. Cameron is shouting about and demand the energy giants to drop their prices but nothing.

Between the Government and Ofgem tell us they have not got the power to make them drop their tariffs? ha ha ha They wait now till the winter is over, so they have the full fat of dividends. All this while the elderly will be dying of hypothermia and poor families have to shiver in their homes.


UPDATE: 17 Oct., 2014 -- SSE just announced that the Fixed Discount will run out on 1 December 2014. The domestic will increase from Day Energy 18.48p  + Night Engergy 9.59p + Storage Heater 8.04p to Standard Charge 25.76p  

NOW THEY DO NOT ANNOUNCE A 10 PER CENT INCREASE BUT SEND LETTERS THAT YOUR FIXED DISCOUNT WILL END DESPITE OF PRICES FOR CRUDE OIL DROPPING.

WHAT IS OFGEM DOING ABOUT THAT???????   AS ALWAYS  --  NOTHING

Watchdog Ofgem is an industry regulator and demands from the six energy suppliers to reduce their tariffs. This should have been done two years ago when they added every winter 10 per cent to their bills. Luckily the last two winters were very mild otherwise it would have caused catastrophic results. People just have not got the money to foot the bills. The Government and Ofgem did nothing. Now the General Election in May 2015 is coming up they try to pull a good show.

Now Ofgem has found out that they made a profit of £2.8billion last year. This does not come as a surprise to the consumer who had been squeezed to the limit with the highest energy bills ever. Ofgem also revealed that the six energy providers made a profit of £17billion over the last five years and not a word of objection or pressure had been put on before by the PM David Cameron. Beside Ofgem has the ability to fine the energy giants with 10 per cent. Why was that not done? It would have taken the 10 per cent increase off them and given them some lesson.

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It was also reported that profits in their domestic energy arms actually fell by just £57million to £1.13billion. Is that believable after the two times 10 per cent increase of the domestic bills? It was also revealed that it is still 439 per cent higher than in 2009. There is no referring back by the Prime Minister to Labour this time as it is his usually habit. Gosh 439 per cent increase since 2009 is no wonder that the consumer crumbles under the huge electricity and gas bills. 

It had been noticed that the executives earning over £1million a year salaries and the shareholders huge dividends which are beyond belief. It all has gone out of hands. The British Gas chief executive left a few weeks ago with a Golden Handshake of £2.3million. 

It should all be cut down but the industry regulator.  Ofgem does not do its job for what it is there for. Therefore it is not independent but part of the scheme and cost the taxpayers even more money for no results.. It is surprising that the big six giant suppliers have not yet increased their tariffs again by 10 per cent as everybody holding its breath waiting for another devastating news to come.

Source: Daily Mirror