Data for 2011 shows critics of UK utilities' profits wrong -RWE

Thu Nov 1, 2012 2:17pm EDT

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LONDON, Nov 1 (Reuters) - Britain's largest six energy
suppliers made a profit from less than 8 percent of the energy
they produced and sold last year, according to data they are
forced to reveal by regulation and which was released on
Thursday.
    Energy companies are often accused of making hefty profits
from selling energy to consumers.
    "It is clear that there is a large mismatch between the
reality of business seen by those in the energy sector and the
received wisdom outside it," Volker Beckers, chief executive of
RWE npower, whose company made 119 million pounds ($192.07
million) last year from production and supply, said in a
statement.     
    Centrica, which owns Britain's largest gas supplier
British Gas, gained most out of the big six from producing and
selling power and gas. It made 776 million pounds (earnings
before interest, taxes, depreciation and amortisation) more than
it spent in 2011, or a profit on 7.21 percent of revenue from
the segment.
    Britain's big six, which also include German utilities E.ON
 and RWE, France's EDF Energy, SSE
 and Scottish Power, have to report full-year
results in a manner that lets consumers compare exactly how much
money their suppliers earn from producing and selling energy.
    Sector regulator Ofgem passed a rule in 2009 forcing
utilities to report profits clearly to increase transparency.
    The so-called segmental consolidated statements are usually
due by the middle of each year, but changes this year to make
statements easier to compare meant 2011 figures were reported
for the first time on Thursday by the individual companies. 
 UK BIG SIX 2011 PROFITS
 COMPANY         EBITDA in mln pounds   PERCENTAGE OF REVENUE
 RWE npower      119                    1.95
 EDF Energy      4                      0.07
 SSE             370                    4.96
 Scottish Power  81.8                   2.37
 Centrica        776                    7.21
 E.ON            285                    4.10
 Source: Individual company websites
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