British Gas has announced today that it made profits of £371m last year.
British Gas customers were hit with two rounds of price hikes in 2008 – blamed by the gas and electricity giant on ‘soaring wholesale prices’. Households paid on average £400 more for gas and electricity in 2008 compared with the previous year.
Research carried out by Which? earlier this year found that only 12% of consumers felt that their energy supplier had done everything it could to protect them from the rising cost of gas and electricity.
And in our most recent gas and electricity supplier satisfaction survey, Which? found that energy companies had the lowest average customer satisfaction score of all the industries in the survey – including banks and insurance companies.
Regulator Ofgem, which regulates British Gas and other gas and electricity suppliers, has also come under fire for its failure to act in consumers’ interests.
In a report published today by the national consumer watchdog Consumer Focus, Ofgem was criticised for only launching an investigation into the energy industry following heavy public pressure.
Which? Switch, the free, impartial switching service from Which?, lets you compare prices and see suppliers’ satisfaction ratings. On average, customers who used Which? Switch saved £257 in a year, based on figures gathered between August and December 2008.
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