Centrica profits show Government out of touch and unable to stand up to vested interests in energy industry - Flint

23 February 2012

Caroline FlintCaroline Flint MP, Labour's Shadow Energy and Climate Change Secretary, commenting on the preliminary financial report for 2011 from Centrica, who own British Gas, showing profits of £2.415 billion, said:

“People will be shocked that when millions of families are struggling with their energy bills, big energy companies like British Gas are enjoying huge profits. By letting the energy giants get away with this, the Government is showing it’s out of touch and completely unable to stand up to powerful vested interests in the energy industry.

“Our energy market needs a complete overhaul, but David Cameron can only fiddle at the margins because he’s too close to vested interests to stand up for working people. Labour will stand up for hard-pressed families and pensioners and end the rip off. We will reform the energy market by making the big six energy companies sell all of their energy into a pool, allowing new companies to compete to sell it to the public. This will break the stranglehold of the big six, encourage new entrants, increase competition and drive down energy bills for families.

“Even when there’s less money around Labour can still deliver fairness for elderly people struggling with their soaring fuel bills by getting our energy firms to show greater responsibility. We will make energy companies, by law, guarantee that elderly customers, those over 75, will be offered the cheapest tariff for their gas and electricity”.