Energy firms 'should cut prices'
Energy firms deserve to be celebrated for making profits but should cut their prices "now", fuel poverty minister David Kidney has said.
After British Gas announced a 58% rise in profits last year to £595 million, Mr Kidney said it was time for falling wholesale prices to be passed on to the consumer.
The minister told MPs that energy companies could "afford" to give help to households that had struggled through one of the coldest winters on record.
During Commons question time, Mr Kidney was asked whether the firms should cut household bills or invest in large scale projects.
Tory Julie Kirkbride (Bromsgrove) said £200 billion of investment in energy production would be needed in the next decade to stop the lights going out.
Mr Kidney said it was "one of the key questions", adding: "We do want energy companies to invest £200 billion on infrastructure projects in this country over the next decade, and so we should celebrate that they are successful global companies that do make profits.
"But when those profits are excessive, and when members of the public are really struggling to pay high energy bills after four years of successive very big increases, I think we are entitled to say as world prices fall the customers should share in that benefit."
Labour's Jim Sheridan (Paisley and Renfrewshire North) demanded immediate cuts, saying: "Now is the time for energy companies such as British Gas to cut their prices to the consumers."
Source: Press Association
