Energy company profits have rocketed to an average of £125 per customer per year – up from just £25 in June.
The figures, released by energy regulator Ofgem, are based on the amount of money energy companies would make if fuel costs and customer bills stayed the same for the next year.
Average energy bill up
As a result of this rise, the average duel fuel energy bill will rise by £175 to £1345 a year by November, according to Ofgem.
The news comes towards the end of a year when each of the six major gas and electricity companies announced price rises.
In September we reported how EDF plans to hike its gas prices by 15.4% and electricity by 4.5% from 10 November 2011, ending a run of price increase announcements that also saw:
- Npower hike gas prices by 15.7% and 7.2% for electricity from 1 October 2011.
- Eon: up 18.1% for gas and 11.4% for electricity, in effect since 13 September 2011.
- Scottish and Southern Energy (SSE): up 18% for gas and 11% for electricity, in effect since 14 September 2011.
- British Gas: up 18% for gas and 16% for electricity, in effect from 18 August 2011.
- Scottish Power: up 19% for gas and 10% for electricity, effective since 1 August 2011.
Our energy price rise Q&A has all the facts and tips you need to beat the price hikes and pay the least for energy you can.
Plans to shake up the energy market
Ofgem has also announced plans to reform the energy market.
Read more about Ofgem’s proposals to overhaul the energy market, and whether we think they go far enough to help consumers understand energy bills.