Britain's big six energy giants see their profits rise almost 1,000% in just five years as family bills soar

• Between 2007 and 2013 energy firms' profits soared from £110m to £1.1bn
• In 2007 the energy giants were pocketing £2.31 in profit from each family
• By 2013 this had risen to £23.71, the Competition & Markets Authority said

By Tom McTague, Deputy Political Editor for MailOnline

Britain's big six energy giants have seen their profits rise almost 1,000 per cent in just five years, new analysis has revealed.

Between 2007 and 2013 the energy firms' profits soared from £110million to £1.1billion, the competition watchdog found.

In 2007 the energy giants were pocketing £2.31 in pure profit from each household for their gas or electricity. By 2013 this had risen to £23.71, according to the Competition and Markets Authority.

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Between 2007 and 2013 Britain's big six energy firms saw their profits soar from £110million to £1.1billion

Families with gas and electricity dual fuel were handing over £1.32 in profit in 2007 - when gas supply was loss-making – but now pay £48.16 extra.

A typical dual fuel bill increased by 45 per cent over the same period, from £841 in 2007 to £1,217 in 2013, the Telegraph reported.

Tom Greatrex, Labour's shadow energy minister, said: 'This is yet more evidence that energy companies are increasing their profits on the back of spiralling bills for households and businesses.

'The next Labour Government will freeze energy prices until 2017, so that bills can only fall and not rise, and give the regulator the power to cut bills in time for winter.'

The energy companies will claim the £23.71 which they make from each family every year amounts to a tiny 3.9 per cent profit margin before interest and tax.

This is lower than the 5p-in-a-£1 target most of the suppliers claim would be justifiable.

The Competition and Markets Authority launched an investigation into the energy sector last year amid allegations companies were ripping off their customers.

The watchdog found most energy companies made much higher profit margins on their standard variable tariffs – those that the majority of their customers remain on - than on fixed price deals.

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Labour's shadow energy secretary Caroline Flint has accused the big six of increasing their profits on the back of spiralling bills for households

Ofgem, the energy regulator, has claimed the major suppliers are set to make more than £110 per household for both gas and electricity over the next 12 months.

The analysis also masks significant variation in the fortunes of each of the Big Six - British Gas, SSE, ScottishPower, EDF Energy, E.On and Npower.

An Ofgem report last year showed EDF was consistently loss-making in recent years – while British Gas made consistently higher profits than anyone else.

Last month the Competition and Markets Authority claimed the vast majority of British families had been paying £234 too much for their energy because companies charged loyal customers higher prices.