Big Energy Kleptomaniacs Double Profits

This week as millions thousands hundreds a few Daily Mail readers prepare to celebrate the life and achievements of Margaret Hilda Thatcher a story in the Guardian brought to mind that one of Maggie’s great achievements was the privatisation of the energy industry.

Now the nationalised energy suppliers, The CEGB and British Gas may have been incompetent, bureaucratic, moribund and resistant to change butthey were not theiving scumbags.

To be fair, the electricity and Gas suppliers that emerged after Maggie’s privatisation were not too bad. It too a Labour government to truly fuck things up by letting Krauts, Eyeties, Yanks, Crapauds and any old Tom Dick and Hari Krishna follower buy British energy companies. Not just buy shares in but buy total ownership of.

Any good Briton knows you can’t trust Johnny foreigner, especially when he’s in a position to say “You-a either pay-a da price we set or you don’t-a get no more-a da gas and lekkitric, capisce?”

Nobody therefore should be surprised to learn that energy companies are doubling profits while selling less gas and electricity. The way the energy business works is very similar to the way The Olive Oil business works.

from The Guardian:
BIG SIX ENERGY FIRMS ACCUSED OF COLD BLOODED PROFITEERING
The big six energy suppliers have been accused of “cold-blooded profiteering” after official figures showed they had more than doubled their retail profit margins over the last 18 months and were now earning an average of £95 profit per household on dual-fuel bills.

The industry regulator Ofgem, which produced the estimates, said profits per household would reach £100 over the next 12 months.

Other new figures obtained from British Gas, EDF and the four other suppliers showed their profit margin from power generation – a separate part of the business – averaged more than 24% in 2011. They are believed to have risen since.

The escalating earnings were condemned by fuel poverty campaigners, rival energy companies and the shadow energy secretary, Caroline Flint.

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