GREEDY energy giants trebled profit margins to £120 per customer in just three months through massive price hikes, a watchdog claimed today.
Angry MPs have condemned the “rip off” increases and accused the firms of cashing in on the recent cold snap.
The “Big Six” suppliers have increased the cost of gas and electricity by up to 10.8 per cent since October and blamed rising wholesale prices.
Before the hikes, energy watchdog Ofgem predicted a “net margin” for energy firms of £40 per customer for the next year.
But after the increases it forecasts a profit of £120 per household.
Labour’s Shadow Energy and Climate Change Secretary Caroline Flint condemned the hikes, which leave average annual dual fuel bills at an all-time high of £1,420.
Ms Flint said: “It is a scandal that the energy giants have trebled their profit margins in just three short months.
“People are sick and tired of these rip-off tactics. The big energy companies must be stopped from cashing in on cold weather.