It all began on Thursday last week when National Grid announced its humungous £4 billion profits to the City. We tipped off the Mirror.
Many organisations were saying that the profits were going up because of more electricity imports from France and were focusing on that as the main story – not the enormous scale of the profits.
We researched this and found only a small part of their profit increase was because of this, £20 million in fact, they had found another £285 million from somewhere else.
And it wasn’t just us who were suspicious. Emily Gosden of the Telegraph highlighted they are making more than they are meant to. In fact, they are making a 13.3% return on equity in the UK when they are only meant to make 10% as agreed with the regulator.
So given these huge profits are more than double what they make in the US and are pushing up all our bills we wrote to OFGEM to complain. OFGEM set the prices so they can change all this.
You can read the letter we sent to the OFGEM Chief Executive here.
Join our campaign to cut National Grid’s prices by signing our petition here.