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  Energy firms 'overcharge by £3.7bn a year'
  
  MPs told that some suppliers cannot justify increases in household bill
  
  Some of Britain's biggest energy companies have been accused of raising households bills for no reason and systematically overcharging customers by £3.7bn a year as they were grilled by MPs over their soaring prices and profits.
  
  They were taken to task by Stephen Fitzpatrick, the chief executive of small supplier Ovo Energy, who launched a stinging attack on his larger rivals for being "the best filibusters in the business" when it comes to revealing how they make their money.
  
  After British Gas, npower, SSE and Scottish Power announced inflation-busting increases in household bills, Fitzpatrick said he "cannot explain any of these price rises" as his company is buying gas for 7% less than it was two years ago.
  
  The four companies that have raised bills in recent weeks are under increasing pressure to justify their higher prices after figures from the regulator Ofgem showed that network costs have risen by just £15 since last year, wholesale costs by £10 and green costs by £10.
  
  During the hearing MPs criticised the companies' executives for accepting large bonuses while putting up prices year after year and failing in their duties to protect poor households who have to choose between heating and eating.
  
  Full story Guardian.

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