Evening everyone, 

News: Energy firms given permission to make an extra £45m profit from UK fuel bills

Uswitch EXCLUSIVE Tariff: Save with E.ON Next - Limited time tariff!

Join a Claim: Check if your old diesel cars are eligible for £000's compensation each from the ongoing High Court Diesel-gate trials

I wrote a few words for a news report that came out around new years, I thought it worth sharing in case you missed it in the Christmas mayhem. 

On 1 January, Ofgem increase the price cap by just £3 per household - thats roughly £90m a year in additional revenue for the energy suppliers. 

The big surprise of this was that 50% of the increase was entirely for profits! That's Ofgem decisding to give suppliers an extra £45m in profit this year.

I'm obviously fuming about it, as we all should be. I've been in contact with Ofgem about this and they're explanation was that it is because a change in the formula has happened at the same time and that the old way the price cap was calculated meant suppliers were actually being underpaid on the profit element... seriously. Those poor suppliers. 

Please make sure you're not on a standard variable tariff, it's the most profitable tariff for suppliers. There's an exclusive tariff on Uswitch at the moment with E.ON Next, if you haven't switched suppliers in the last 12 months then I recommend giving it a look, it's the second link above. 

Thanks all, 

Richard Winstone
The Regulator Guy.