Ofgem’s analysis of the profit margins earned by the major suppliers will do nothing to recover consumer trust and confidence. The only way to do that is to give customers complete transparency of how money is made in energy supply, and to share profits with customers.
The big suppliers can’t or won’t do this. They’re owned by multinationals keen to make as much money as possible from the business. That’s why Co-operative Energy decided to enter this market: We are owned by our customers and we answer to them, not to outside investors. When profits are made in volatile markets, it’s our customers who benefit through a higher share of profits.”