This petition was submitted during the 2019-2024 parliament
Rejected petition Introduce a cap on profits made by energy companies.
There needs to be a cap on how much profit energy companies can make.
More details
Right now people are struggling to pay their ever rising energy bills, meanwhile energy companies are reporting record profits. It's disgraceful that they are allowed to make so much money from people who are struggling to make ends meet.
This petition was rejected
Why was this petition rejected?
It’s not clear what the petition is asking the UK Government or Parliament to do.
We understand that you are concerned about the profits that some companies are making and the impact of high costs on people. However, we're not exactly sure how you'd want a cap on profits to work, or what that cap should be.
You could start a new petition explaining what you'd like to happen. For example, you could start a petition asking the UK Government to increase its current energy profits tax to a certain level, if that's something that you'd like to see.
You may also wish to sign this petition calling for energy companies to be nationalised: https://petition.parliament.uk/petitions/621719 or this petition calling for a not-for-profit state owned energy provider to be created: https://petition.parliament.uk/petitions/617446
You may be interested to know that the current energy price cap sets a maximum that suppliers can charge per unit of energy, and caps the level of profits an energy supplier can make to 1.9%. Ofgem are responsible for setting the energy price cap. You can find out more here:
https://www.ofgem.gov.uk/publications/ofgem-confirms-changes-price-cap-methodology-and-frequency-ahead-new-rate-be-announced-later-month
You can find out more about the Government's Energy profits tax here: https://www.gov.uk/government/publications/cost-of-living-support/energy-profits-levy-factsheet-26-may-2022
You can find out more about nationalisation and how it works in this House of Commons Library note: https://commonslibrary.parliament.uk/research-briefings/cbp-8325/
You can find out more about energy prices including support available and how and why energy prices are changing in this House of Commons Library note: https://commonslibrary.parliament.uk/research-briefings/cbp-9491/
We only reject petitions that don’t meet the petition standards.