Why are electric and gas bills going up, but oil companies making record profits?

Question

I thought the reason they were increased is so we could get the same power with reduced supply?

However a fair few power companies are reaching ridiculously high record profits, which goes against the grain of that idea.

In: 16

Answer 1

Yes. The bills are going up so the power companies can make record profits. Also, ours is going up because Duke Power did a half-assed job building containment ponds for their coal ash waste and now this toxic pollutant is leaking into rivers and ground water. They cut corners, increased profits by doing so and we are paying for the clean up. It’s a classic example of privatizing profits and socializing losses.