A minister has called on energy firms to reveal what proportion of a customer’s bill represents profit for the company.
Energy Minister Claire Perry slammed ‘completely unacceptable’ price hikes as she demanded more detailed breakdowns.
She wants an end to the dominance enjoyed by the ‘big six’ and instead wants about 20 firms to take centre stage in the market.
Her statements in The Daily Telegraph came after British Gas announced that 3.5million households will face an average price rise of £44.
Ms Perry said the company – which has already hiked prices within the last six months – was trying to maximise profits before the Government caps prices going into 2019. British Gas blamed rising wholesale prices.
She said ‘transparency is a really good thing’ citing her own supplier, Bulb, which includes the average energy used for similar households on customer bills.
The government says its cap will save customers as much as £300 by reigning in overcharging.
The Domestic Gas and Electricity (Tariff Cap) Bill would also allow Ofgem to limit tariffs until 2020.
The cap applies to people on standard variable tariffs for their gas and electricity.