Steve Hawkes: Analysis
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An exclusive survey for The Times suggests that an overwhelming majority of the public would support calls for a windfall tax.
The Concerned Consumer survey suggests that around 85 per cent of Britain’s ‘green’ consumers believe energy suppliers have been profiteering this year by implementing record price rises on gas and electricity.
More than four in every five of those questioned believe that energy companies such as British Gas and E.ON have taken advantage of volatile market conditions to boost their profit margins. Around 40 per cent have vowed to switch their gas or electricity supplier in the coming year to try and reduce the amount they pay.
The Concerned Consumer surveyThe survey also reveals the sheer pressure homeowners are under as they balance rising energy bills with soaring food-price inflation and higher mortgage costs.
Nearly 80 per cent have turned down the central heating in the past year to save money while 94 per cent have spent more time turning off lights in their home.
Two rounds of price hikes by energy suppliers so far this year have pushed average annual dual-fuel bills up by more than 40 per cent to £1,300.
Adam Scorer, campaigns director for Energywatch, said the survey’s findings were of little surprise.
“It’s easy to see how consumers feel these companies are profiteering. They hear that conditions are the worst they have been on wholesale markets, that not all the cost is being passed on, but then see the level of profits they’re making.
“There is a fundamental breakdown in the market.”
A British Gas spokesman insisted the company had no choice but to increase bills to cover costs and pay for the huge investment needed to secure future gas supplies.
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