Tom Greatrex MP, Labour’s Shadow Energy Minister, commenting on reports on Ofgem’s profits projections for energy suppliers, said:

“There’s no hiding the fact that on David Cameron’s watch the energy companies are increasing their profits on the back of spiralling bills and a cost-of-living crisis for hard-pressed consumers.

“That is why Labour would freeze energy bills until 2017, saving the average household £120, while undertaking the biggest overhaul of our energy market since privatisation. We will break up the big energy companies and create a tough new watchdog with the power to force energy companies to cut their prices when wholesale costs fall.”