ENERGY ‘NOT A RIP-OFF’

Energy suppliers aren’t ripping customers off, a bunch of former industry watchdogs claim.

The five, who include the ex-head of regulator Ofgem, reckon the market is “working better than is generally realised”.

And they warned a threatened cap on sky-high energy prices could backfire.

Their joint letter comes despite energy prices rocketing 158% in the past 15 years.

Five of the Big Six suppliers have recently announced electricity price hikes of up to 20%.

Prime Minister Theresa May is poised to announce a clampdown, including possible price caps.

But the bigwigs, including Professor Stephen Littlechild, the UK’s former head of electricity supply, and ex-Ofgem chief Sir Callum McCarthy, said: “Retail energy price controls would have an adverse effect on a market that is working better than is generally realised.

They went on: “Retail energy profits are not excessive, loyal customers are not being ripped off, and there is no need to pressure consumers to be more active.”

British Gas made £533million profit last year.

Justin Bowden, the GMB union’s national secretary for energy said: “The pantomime that passes for UK energy policy and energy bills regulation continues.

“Ofgem has been a purring pussycat for years and should be abolished.”