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Energy profits 'eroding trust'

Trust in the energy market is being undermined by a lack of transparency about profits being made by companies, MPs warned today.

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Ofgem attempting to 'restore consumer trust'

Energy regulator Ofgem has welcomed a Select Committee report on energy profits, which found that the regulator was not doing enough to ensure that energy company profits are "transparent".

Ofgem's senior partner for markets, Rachel Fletcher, said:

We share the committee's goal of restoring consumers' trust. This aim underpins our reforms which seek to get energy companies to deal with consumers in a simple, clear and fair way.

We agree with the committee that suppliers have been poor at communicating with their customers. That is why Ofgem has taken the lead in pursuing transparency across all sections of the energy market.

Ofgem has made energy companies produce yearly financial statements, which have been reviewed twice by independent accountants and found to be fit for purpose.

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