The energy minister Greg Barker has spoken out in favour of energy company profits, insisting they are necessary in order to fund crucial investment in new power plants and that Britain enjoys some of the lowest electricity and gas prices in Europe.
Ministers want Britain’s energy suppliers to help fund £110bn of investment in new power plants to keep the lights on this decade.
“Unless companies are making profits they cannot reinvest those profits back into new projects,” Mr Barker said. “So if the companies aren’t making profits, we are not going to get the investment.”
Minister backs energy profits as British Gas plans price rise