Energy bills set to fall after firms told to ‘make LESS money’ thanks to The Sun
Consumers will be saved £6bn as firms have been told to make less money
ENERGY bills will fall after the firms running the wires and pipes were told to make less money — thanks to The Sun.
The network firms have the monopoly on getting gas and electricity to homes.
In 2017 we told how they made a combined £7.5billion a year in profit and paid bosses up to £6million.
About £290 of a typical bill went to these firms, with around £96 of it pure profit. MPs and watchdogs demanded action.
The network firms, which include National Grid, are different to the likes of British Gas and E.ON, who buy power and sell it on to families.
Watchdog Ofgem yesterday said the firms must halve the level of profit they make on their investments.
A fiver will be paid into your bank account within four months of completing the switch. prepayment meter customer customers will receive a £5 Amazon voucher. Open to those 18 and over. UK residents only. Click here for full T&Cs.
They said it will save consumers about £6billion over the five years to 2026.
Ofgem’s Jonathan Brearley said: “These changes will put money back into consumers’ pockets while service standards are required to remain high.”
Lily Green, of auto-switching service Look After My Bills, said: “This will provide some respite for households struggling with extortionate bills.”
- GOT a story? RING The Sun on 0207 782 4104 or WHATSAPP on 07423720250 or EMAIL exclusive@the-sun.co.uk