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
Net long-term migration to the UK is at its lowest level for three years, latest figures show.
The remains were discovered by Malaysian forces helping the search of the USS John S McCain's flooded compartments.
Testing has shown large variations in the time taken to sound in British Standard-approved fire alarms, with one failing to go off at all.