Ofgem is to investigate gas and electricity price rises, as as figures show that energy suppliers’ average net profit has risen 38%.

Energy suppliers British Gas, ScottishPower and SSE all announced energy price rises in the last month, in part, it was claimed, due to the rising price of wholesale gas.

However, calculations from Ofgem’s quarterly report found that companies now stand to make £90 net profit per dual fuel customer, compared to £65 in September- a 38% rise in just three months.

This has prompted an investigation into the transparency and practices of energy suppliers that is due to be completed in March 2011.