Fresh profits from Scottish Power and Total a ‘kick in the teeth’ for households

Scottish Power owners, Iberdrola, and TotalEnergies have posted their Q1 results today.

Simon Francis, coordinator at End Fuel Poverty Coalition, said: “Another good day for the energy industry means another kick in the teeth for consumers.

“Energy network infrastructure is generating strong and growing returns for shareholders, yet these returns ultimately mean higher bills for households.

“Meanwhile, the consolidation of North Sea assets into ever-larger corporate entities reveals where this industry is heading, companies positioning themselves to extract maximum profit from a dying basin while bills remain high.

“As well as taxing profits to ensure ministers can provide help to those in fuel poverty, the government must focus on reforms that will actually bring energy bills down.

“That means breaking the link between electricity prices and volatile gas markets and accelerating insulation and clean heat programmes.”