Let us make billions or the lights will go out, warns energy industry

Duncan Sedgwick, chief executive of the Energy Retail Association, which represents the “big six” energy firms, said accusations that the industry is profiting excessively were “not borne out by the facts”.

He launched an attack on consumer group Energywatch’s call for a Competition Commission inquiry into the sector, saying that energy companies need to be left to make a profit or a situation could develop “where the lights go out”.
He told Scotland on Sunday: “It is a complete fallacy when people say we’re quick to put prices up and slow to bring them down. That is not borne out by the facts. This is just people jumping on a bandwagon of seemingly wanting to criticise the industry for doing the right things long-term. We don’t want to be in a position in a few years’ time when the lights start going out.”

Energywatch last week called for a probe following price increases up to eight times the rate of inflation.

On Friday ScottishPower raised the price of gas by 15% (an average