The voice of the energy industry

Energy UK statement regarding gas prices

"These figures are not new and have been in the public domain some time. The large energy companies already provide the regulator with a full breakdown of their business costs and operating margins.

"Ofgem, along with the Office of Fair Trading and the Competition and Markets Authority, is currently carrying out a competition assessment and the findings are due next month. There are now more than fifteen companies which supply households and people can easily switch - almost one million people switched in the last two months of 2013 alone. Most business customers are with independent gas suppliers."

The figures to which the Secretary of State refers reflect earnings before interest and taxes (EBIT) and not net profit. EBIT is a measure before significant items, such as interest and income tax expenses, are deducted.

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