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
McDonald's has now extended its breakfast menus to all day - but only in the US.
Theresa May and Boris Johnson gave markedly different speeches at the Conservative party conference, Chris Ship reports.
ITV News has learned that VW is testing a new system to alert drivers whether they are affected by the emissions scandal.