Ofgem attacks energy suppliers, we dont trust them anymore

Ofgem has launched a scathing attack on the record and profits of the big gas and electricity suppliers.

Andrew Wright, the acting chief executive of Ofgem, said there was a "deep distrust of anything the energy companies do or say".

Mr Wright was speaking to MPs on the Energy and Climate Change Committee.

"It is not surprising that consumers jump to the conclusion that prices are being driven by profiteering," he said.

On Monday, Ofgem published data showing that profit margins in the industry had risen from 2.8% in 2011, to 4.3% in 2012.

 Is Ofgem a "toothless tiger".

Ofgem could control prices directly, should parliament decide to change the regulatory framework.

food for thought!!!