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
Friends and family have mount appeals on social media for news of people missing after an Ariana Grande concert hit by a fatal explosion.
The best of the sunshine through today will be across many central and eastern areas.
Here's everything we know so far about the Manchester Arena explosion.