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Shocking profits despite a fall in consumption

 

Posted on Friday, February 17, 2012

French owned energy giant EDF have reported an 8.5% rise in profits much to the disgust of the consumer.

They are the first of the 'big six' to announce their profits which have hit £1.6 billion despite the milder winter and a fall in consumption.

During a time where fuel poverty is a very real and worrying matter, where families are struggling to pay energy bills and are having to choose between 'heating or eating', the announcement has hit a nerve and consumers are demanding affordable energy.

Questions are being raised as to why consumers are being 'ripped off' with extortionate pricing and whether energy companies could and should cut the price of gas and electricity further. The figures from EDF, which has around 5.5 million customers, indicates that although there is an 8% drop in fuel usage their profits have soared.

Director of Consumer Policy at uSwitch, Ann Robinson, says "On the back of the profits announced today, we would urge EDF Energy to relieve the pressure on its UK household customers by passing on the benefits of lower wholesale prices. It previously cut its gas prices by 5% on the 7th of February and now is the time to go even further."

Consumers await the profit announcements from the remaining energy companies.