Energy UK, which represents the energy industry, said Ofgem's figures did not take into account the costs of "huge investment" being made by the "Big Six" firms.
It claimed the energy regulator had also used profits calculated before interest payments and tax were deducted.
The main reasons customers have seen their household bills go up is because the cost of gas and electricity have gone up as well as other add-ons, such as the social and environmental policies, rising fast.
More top news
A chilly evening and night with clear skies and tomorrow a little more cloud through Scotland and Northern Ireland again.
The three billion-year-old rock is the largest discovered in over a century - and could be yours when it goes under the hammer on June 29.
Hundreds of millions of hacked usernames from providers including Gmail, Hotmail and Yahoo are being shared online, according to an expert.