Blogs

“From ripping off customers to ripping off taxpayers”

Andy McSmith

Electricity bills went up 16 per cent, and gas by 20 per cent after Volker Beckers took over in January 2010 as chief executive of the German-owned Npower, one of the big six energy companies. The company was criticised by the Commons energy committee over its ‘excessive’ profits. In 2011, they made £313 million.

Today, Beckers took on a new role, as a £20,000 a year part time member of the HMRC Scrutiny Committee. John Robertson MP, a member of the energy committee, is not impressed. “I hope this is not a sign of things to come – from ripping off customers at Npower to ripping off taxpayers at HMRC,” he said.

“Sadly I’m not surprised that HMRC, which has done a terrible job scrutinising the Big Six, has now appointed one of the biggest culprits to the Scrutiny committee. I’d like to know exactly what he will be doing for his £20,000 a year.”

  • andyholmes

    “The company was criticised by the Commons energy committee over its ‘excessive’ profits. In 2011, they made £313 million.”

    My god £313m !!!!

    What does that really mean ?

    Well firstly that’s operating profits which excludes reinvesting in the business.
    In 2011 they invested £968m in the UK, which puts a slightly different light on things.

    Also, distributed amongst their 6 million customers, that’s only about £50 each.

    Recently Npower have consistently been investing more in the UK, than the operating profits they make, and everyone acknowledges the need for greater investment in the energy sector. People would be just as angry if the energy companies charged at cost and needed government money to renew the energy infrastructure.

    It might make a good soundbite, but I fail to see where “excessive” comes in.


Most viewed

Read

N/A

Property search
Browse by area

Latest from Independent journalists on Twitter