Still paying too much for your energy despite a lower price cap and want to know why? According to a report by the End Fuel Poverty Coalition, energy companies have pocketed over £420 billion in profits since the energy crisis. Researchers examined the declared profits of firms ranging from energy producers (such as Equinor and Shell) through to the firms that control our energy grid (such as National Grid, UK Power Networks and Cadent) as well as suppliers (such as British Gas).

Around £30 billion of these profits (the equivalent of over £1,000 per household) are thought to be made by the firms and business units responsible for electricity and gas transmission and distribution. These are the “network costs” consumers pay for maintaining the pipes and wires of the energy system and are usually paid for through standing charges on energy bills. Electricity standing charges have surged in recent years and from 1 April will be 147% higher than in 2021 – powered by fees such as the 14 hidden charges on every bill for network costs. Gas standing charges have increased by 15% since 2021, but a recent report for the Warm This Winter campaign found that the network costs for gas are charged differently, through both gas unit costs and standing charges. Researchers found that the estimated price each household contributes on gas network costs has risen from £118.53 a year in 2021 to £163.69 a year from 1 April 2024 (a 38% increase).

Through the Ofcom imposed price cap, from 1 April in England, Scotland, and Wales it was lowered by 12.3%, but are still almost double what they were in 2021. The bad news is that standing charges will rise. Compared to the previous quarter, electricity standing charges go up 13% and gas standing charges increase 6%. So any small reductions you may experience via the new price cap are quickly snatched back.
A spokesperson for End Fuel Poverty Coalition said: “As standing charges go up today, households will have to cut back on their energy use just to keep their bills the same. This means households continue to suffer as a few energy firms make billions in profits. These numbers may look like fantastic amounts to shareholders, but the reality is that these profits have caused pain and suffering among people living in fuel poverty for the last few years.”

So while typical energy bills may be about to reduce by a couple of hundred pounds, for millions of us the cost of living crisis grinds on!

More at: and Pete Lazenby (Leeds and West Yorkshire NUJ member) at:

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