PRESS RELEASE FROM THE CAMPAIGN FOR PUBLIC OWNERSHIP ON THE OBSCENE PROFITEERING OF BRITAIN’S PRIVATISED ENERGY COMPANIES
Here we go again.
A newly published report by the watchdog Consumer Focus says that Britain’s privatised energy companies have over-charged customers by £1.6bn having failed to pass on billions of pounds of savings made from the falling price of gas and electricity.
Consumer Focus states the fall in wholesale prices has saved energy companies around £1.6 billion, but this has not been reflected in average domestic bills.
Energy bills rose by 42% last year, with the average household paying £1,293 for the year.
The Campaign for Public Ownership believes that the only long-term solution to the problem of energy company profiteering is to restore the energy companies to public ownership.
The problem lies in the ownership structure of the energy companies. All of them are Public Limited Companies, whose overriding aim is to maximise profits for shareholders. That's what PLCs do. Instead of reacting with horror to the entirely predictable news that PLCs are putting the interests of shareholders before Britain's long-suffering energy consumers, we should instead be calling for the government to take the one step that will lead to lower energy prices in the long term. Restoring the energy companies to public ownership will mean that prices can be lowered, as there will be no shareholder dividends to pay.