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Saturday, January 25, 2014

Energy company increases profits at our expense - shock!

The Western Mail reports on the shocking case of SSE, which is the parent company of Welsh firm Swalec, and who have announced that they are course to pump up profits to £1.54bn just two months after hiking customer tariffs by 8.8%.

They say that bills will be cut by 3.5% for all of the group’s nine million residential customers from March 24 after the group passed on savings from the Government’s green levy shake-up, but it still means an overall above-inflation rise for households.

Figures revealed this week also showed energy bills have spiked by 47% in just six years in parts of Wales. Fuel bills have grown more than three times faster than income.

It is rapidly becoming apparent that the current oligopoly in the energy market is actively working against the interests of customers.

Companies are raising money to boost dividends on the pretext of rising costs. The evidence seems to be that they are more than capable of absorbing those cost increases whilst still making a healthy profit.

It is worth noting that when the price of oil goes down we never have that saving passed on to customers.
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