Clegg welcomes move to use energy company profits to help fuel pool
Nick Clegg is backing a call by the energy regulator for electricity companies' expected £9 billion of windfall profit over the next five years to be clawed back by the Government to help people struggling with high fuel bills. Alistair Buchanan, the chief executive of Ofgem, raised the plan in a meeting with Chancellor Alistair Darling which was called to discuss rising energy prices. Energy companies can make windfall profits because the price of electricity rises to reflect the price of permits to emit carbon dioxide in the EU's emissions trading scheme.
17 Jan 2008