Profits at EDF increased in 2011, according to the company’s end of year results.
The supplier is the first large energy company to announce its 2011 profits. Other large suppliers are expected to make announcements in the next few weeks.
While UK revenues were down, EDF’s earnings were boosted by increased nuclear output and a drop in wholesale energy prices.
Energy company profits up
The profit announcement follows an overall rise in energy bills over the past year. Winter deaths have increased and Age UK has reported that half of over 60s have turned down their heating to save money.
Which? executive director Richard Lloyd says: ‘When people see energy suppliers announcing increased profits despite a mild winter, they’re bound to question whether they’re paying a fair price.
‘There’s an unstoppable tide of public opinion demanding more affordable energy. The energy companies must raise their game and demonstrate their commitment to giving consumers the best price for their energy. If they do, it could be the start of a better relationship with their customers.’
Cut your energy bill
As part of its Affordable Energy Campaign, Which? is offering consumers the chance to take part in a UK first – using collective power to get a market-leading energy deal.
Which? will negotiate with energy suppliers and once a deal is secured will help people switch to it, if they want to.
Find out more about The Big Switch and how to register your interest in taking part.
Richard Lloyd added: ‘Millions of people are struggling with the cost of living and more than 90,000 people have now signed up to The Big Switch to try to get a cheaper deal on their energy bills.’
- Register your interest in The Big Switch
- Find out more about our affordable energy campaign
- Which? News: Supermarket energy deals could cost you hundreds