Energy suppliers spent £4bn more than the average market rate

The UK’s Big Six energy suppliers have bought their power for almost £4bn more than the average market rate over the past three years and then charged the consumers more in order to cover the additional expenses, new figures released by the Labour party suggest.

This means that customers may have paid an extra £150 over the open market rates over the past three years, Labour claims.

According to a media report on the matter, Caroline Flint, the shadow energy secretary, said: “These figures reveal the full extent of the way consumers have been overcharged for their electricity.

“Energy companies always blame wholesale costs when they put up bills, but it now looks like they could have deliberately inflated prices to boost profits from their power stations.

“The time has come for a complete overhaul of our energy market. Labour will break up the big energy companies, put an end to the secret deals and force them to do all of their trading on the open market.”

As expected, Energy UK, the body representing the Big Six energy suppliers, has rebuffed pretty much all of Labour’s claims, disputing the figures and saying that they were not comparable because they cover more than just the wholesale cost of energy.

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