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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/rising-energy-profits-to-be-probed.jpg"><img class="alignnone size-full" title="The accounts of UK energy suppliers are to be investigated after profit margins soared 38%" src="http://londonglossy.com/wp-content/uploads/2010/11/min-rising-energy-profits-to-be-probed.jpg" alt="The accounts of UK energy suppliers are to be investigated after profit margins soared 38%"/></a></p>
<p>The accounts of UK energy suppliers are to be investigated after the industry watchdog discovered profit margins soared 38% in the wake of consumer price hikes.</p>
<p>Ofgem said the average margin on a standard dual-fuel tariff had risen from £65 to £90 since September and it wants to ensure providers are not boosting profits at the expense of the consumer.</p>
<p>The move comes shortly after major companies including British Gas, Scottish &#038; Southern and Scottish Power hit households with price hikes.</p>
<p>Ofgem said it would look at the &#8220;facts behind the numbers&#8221; as companies claimed rising prices in the wholesale market &#8211; where suppliers buy their energy &#8211; left them with no choice but to lift bills.</p>
<p>Energy firms have claimed wholesale gas prices have risen more than 25% since the spring.</p>
<p>Alistair Buchanan, Ofgem&#8217;s chief executive, said he wanted to make sure firms were &#8220;playing it straight&#8221; with customers.</p>
<p>He said: &#8220;The energy retail market can only be fully effective if consumers have confidence that the market is transparent and easy to take part in.</p>
<p>&#8220;So we will go beyond our usual quarterly reports on prices and do a comprehensive review of the retail market and our recent reforms from the consumers&#8217; perspective.</p>
<p>&#8220;We will also carry out a detailed investigation of the newly available retail accounts and the facts behind these numbers. Greater transparency in the market is good for consumers, investors and for the energy industry as a whole.&#8221;</p>
<p>Mr Buchanan added that as Britain was facing a bill of £200 billion to invest in updating the energy network over the next 10 years, consumers had the right to expect the energy retail market to provide value for money.</p>
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