MPs slam Ofgem over energy company reporting

MPs have criticised consumer watchdog Ofgem for lacking transparency on the big six energy companies’ profits.

Parliament’s energy and climate change select committee said in a report that the UK’s major energy generators had been making regular, substantial profit announcements while raising energy prices at the same time.

“This fuels the perception that there is something going on in the industry,” said Richard Lloyd, chief executive of Which?, a consumer campaigning charity, who was also in attendance.

It also slammed Ofgem for rejecting or modifying recommendations from BDO to increase transparency within energy companies’ accounts, and asked that the...

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