The Following was written by John Penrose MP for The Sun…
LAST year – thanks to the Sun’s Power to the People campaign – we got the Government to publish its energy cap bill.
A huge cross-party group of MPs asked the Prime Minister to take on the ‘Big 6’ energy companies and put an end to rip-off energy bills. But they’re not the only ones getting fat at our expense…
Another set of companies own the cables and substations which deliver electricity to our homes and factories.
They’re making even fatter, monopoly profit margins than the Big 6 energy firms, all paid out of the pockets of hard-working energy customers.
Even worse, the regulator Ofgem has failed to stop these firms from making these inflated profits.
They’ve been asleep the wheel, even though they’re supposed to protect consumers like you and me from being ripped off.
That’s why I’m leading a cross-party group of MPs who want to call time on this stitch up. We’re telling Ofgem they’ve got to take a much tougher line on behalf of energy customers everywhere.
We’re all paying £7.5 billion more than we should to these giant network firms. Ofgem has already admitted their profits are ‘very high compared to current market expectations.’
They are low risk, monopoly businesses, so there’s no reason for them to be charging so much.
If Ofgem lets them go on getting fat at energy bill-payers’ expense, it should be scrapped and replaced with a proper cross-sector regulator that isn’t afraid to use its teeth.