Clamp down on energy profits.

The UK energy industry has been making excessive and unjustified profits while the regulator Ofgem has sat on its hands.

One area where profiteering is particularly blatant is among electricity Distribution Network Operators (DNOs) - the companies who own the cables and transmit our electricity.

Six companies own the 14 regional DNOs in the UK. Network costs that these companies charge amount to up to one fifth of all of our energy bills. One of the largest of these companies, UK Power Networks, is owned by the CK Group, a Hong Kong-based conglomerate founded and ultimately owned by Hong-Kong's richest man, Li Ka-Shing.

Ofgem has watched on as UK Power Networks has made a staggering £2.4 billion in profit in the last four years. From 2017-2021 UK Power Networks handed out more than £1 billion in dividends to shareholders.

There is currently a pricing review into how much money UK Power Networks and other distributors can make over the next five years.

During a cost of living crisis, Ofgem are once again failing to act in the interest of bill payers. Citizens Advice estimate that over the next five years we will pay £1.5 billion more than is needed in order to line the pockets of shareholders. Politicians need to hold Ofgem to account to ensure they do their job.

We believe the current price review for 2023-28 must be re-opened immediately to include the input of workers and bill-payers and ensure Ofgem protects consumers against rampant profiteering.