Energy firms cash in on cost of living crisis

Energy firms have been cashing in on the energy bills crisis as Shell has held its AGM.

In the first three months of the year alone, Shell made a profit of more than £7.6bn. BP have also recorded bumper profits, enjoying one of the company’s best ever starts to the year. Despite the windfall tax, energy firms have still been able to profit from the misery of people living in cold damp homes.

National Grid, the firm which runs the energy network, similarly reported a boost in annual profits to £4.6bn. This had led to calls for a higher windfall tax for energy companies. 

Scotland-based energy firm SSE’s profits have also rocketed to £2.53bn.

To put these profits into context, Energy UK estimated that the current energy debt in the UK has soared to around £3.6bn. Profits from the National Grid alone could completely wipe out energy debt for the entire country.

Meanwhile, a groundbreaking report from One Earth has calculated that fossil fuel companies owe at least $209bn in annual climate reparations to compensate communities which are suffering climate catastrophes as a direct result of global warming.

A spokesperson for the End Fuel Poverty Coalition commented: 

“The scare stories from industry about the impact of the windfall tax on energy firms have not materialised, with more massive profits being posted. Meanwhile the Ofgem Price Cap is set to keep household energy levels at historic highs.

“Closing the energy firms’ windfall tax loophole could have almost eradicated fuel poverty last winter, but instead people suffered in cold damp homes. 

“Now we are seeing the first signs that energy suppliers – as well as the producers – will be cashing in on the energy bills crisis with fixed term energy deals designed to boost their profits.”