Energy regulator to answer to MPs over price rises

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.

Pylons
Andrew Wright will appear before MPs to explain the hike in prices despite the Big Six's cashflow rise. Credit: Reuters

Ofgem chief executive Andrew Wright is giving evidence to the Commons Energy and Climate Change Committee at 9:30am.

Data released by Ofgem yesterday, show the combined underlying earnings - before interest payments or tax - of the Big Six of £1.19 billion in 2012, a rise of £221 million in 2009.

British Gas, E.ON, EDF, npower, ScottishPower and SSE blamed rising wholesale energy prices, higher distribution costs and Government green levies for the increases.

Read more: Profits of energy firms revealed

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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.