Title: Energy profits soar
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Blog Entry: Byline: Andy Beaven ONE of Scotland's biggest power suppliers has refused to promise struggling customers a cut in bills - despite reporting a dramatic jump in profits. Scottish & Southern Energy (SSE), which supplies power for hundreds of thousands of Scots families, yesterday unveiled profits of more than [pounds sterling]400million. But the company provoked fury by refusing to guarantee price cuts for its customers. The news is all the more infuriating as the wholesale prices of gas and electricity have actually been falling - meaning big companies are raking in huge profits at the expense of long-suffering customers. Wholesale Jewelry Gifts The [pounds sterling]410.5million profits for the last six months were up by 36 per cent on the same period last year. Other big suppliers, including British Gas, RWE npower, Eon, EDF and ScottishPower, are enjoying a similar bonanza. Since summer 2008, wholesale energy prices have fallen by around 50 per cent. However, most customers' bills are down by just 4 per Wholesale Trends Wholesale cent this year. Robert Hammond, of official customer body Consumer Focus, said: 'There needs to be greater transparency of energy company accounts if consumers are to have confidence that their bills are justified, and are not just lining the pockets of shareholders. 'We also believe there is generally room for further price cuts which should be made now before winter bills hit consumers' doormats.' Scottish LibDem energy spokesman Liam McArthur, said: 'As winter begins in earnest, thousands of people across Scotland are worried about energy costs. It is very disappointing that SSE has chosen not to reduce fuel bills, especially in light of rising profits and falling wholesale prices.' In many cases the profits made by energy companies go straight into the coffers of foreign utility giants. RWE npower and Eon are both parts of German energy firms, EDF is owned by the French, and ScottishPower has a Spanish parent company. Big profits made from UK customers can be hidden in the opaque accounting practices of these foreign giants. Energy consultant David Hunter said: 'The failure of suppliers to pass on massive reductions in energy prices is approaching scandal proportions.' SSE cut prices in the spring but has refused to promise any further reductions. Instead, it suggested it would be under growing financial pressure due to predicted increases in wholesale prices. It added: 'While SSE would like to follow the reduction in energy prices it implemented in March with a further reduction if it were possible, it is not able to commit to do so. Fashion Steel Gentle Necklaces 'It remains committed, however, to ensuring its prices and, more importantly, bills, are as low as possible over the medium term. Given the upward pressures on energy prices, avoiding an increase between now and the end of 2010 remains an important goal.' Comment - Page 14 Christian Louboutin Shoes Christian Louboutin Shoes
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