Energy profits soar

The energy watchdog has revealed a number of measures designed to encourage more competition in the industry and simplify bills while also releasing details of soaring profits for power companies.

Energy profits have increased to £125 from just £15 a few months ago, according to the industry regulator said today. Ofgem wants to give consumers a much clearer choice than the 400 tariffs currently available.

It wants to make each supplier offer just one standard tariff for each payment type, with the standing charge set by Ofgem.

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