Link to this page: http://www.socialistparty.org.uk/issue/594/8171
ONCE AGAIN the 'big six' UK energy companies have stuck two fingers up to demands that they reduce the prices charged to consumers.
Ofgem, the toothless energy market regulator, pitifully asked the big six to reduce tariffs in the light of dramatic falls in wholesale energy costs.
Ofgem calculates that lower energy costs will ramp up the big six's profits on each duel-fuel customer by £60 this year.
This is on top of similar profiteering by the energy supply companies over the last few years.
As usual, the energy giants say they are 'victims of market conditions' - despite themselves having sizeable stakes in energy production.
Ofgem bleats that it lacks powers to cap prices but the pro-big business Labour government refuses to give them these powers, or to contemplate a windfall tax on company profits, let alone nationalise the big six.
In The Socialist 23 September 2009:
War and occupation
Postal workers strike
Youth fight for jobs
Socialist Party news and analysis
International socialist news
Socialist Party workplace news
Socialist Party reviews