Ofgem 'does not take investment costs into account'

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.

– Statement from Energy UK

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Energy regulator boss faces MPs

The man charged with regulating the energy industry will answer to MPs later today after it emerged profits of Britain's "Big Six" energy suppliers multiplied five-fold to more than £1 billion since 2009.