Millions of households were facing further misery today after Powergen hiked energy bills by as much as 18.4 per cent.
Powergen became the latest major supplier to impose massive increases in household bills when it said gas prices will go up by 18.4 per cent and electricity by 9.7 per cent on Monday.
The German-owned supplier blamed an 87 per cent increase in the cost of buying wholesale energy to sell on to its customers in the UK since the beginning of last year.
It came just two days after Powergen owner EON said profits at its UK arm plunged 26 per cent because of the soaring cost of wholesale gas.
The fall in UK profits from 613 million euros (£413 million) to 451 million euros (£304 million) in the first six months of the year came despite an earlier inflation-busting hike in energy bills.
In March, Powergen - which has 8.5 million customer accounts in the UK - lifted the price of gas by 24.4 per cent and electricity by 18.4 per cent.Reuse content