Energy giants have raked in more than £500billion in profits in the past five years as millions of households have battled with sky-high bills, according to new analysis.

Researchers from the End Fuel Poverty Coalition examined the accounts of firms ranging from oil heavyweights and producers, through to those distributing power, as well as household suppliers. The 20 companies have made £514billion between them since 2020, including £115billion last year alone. The figures take in the companies’ profits worldwide, and not just in the UK.

The haul emerged as millions of UK households will see jump by another 6.4% from Tuesday. Ofgem’s price cap will increase by an average £111 a year to £1,849.

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Centrica, owner of British Gas, made nearly £1.6billion profit last year, although the figure was down from £2.8billion in 2023. According to the research, Centrica has made £9billion since 2020. Oil giant Shell has made almost £92billion profit globally in the past five years, including £18.7billion last year, the analysis found.

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “As energy prices remain at levels way above the 2020 benchmark, the energy industry is taking us for April fools. We need politicians and regulators to act to bring down energy bills now.

“This means radical reform of the electricity pricing markets, investment in homegrown renewables and taking on the vested interests of an energy industry which makes billions of pounds of profits every year at consumers’ expense.

“In addition, we need to see steps taken immediately to help households reduce energy consumption in a safe way, by improving energy efficiency of buildings.” Jonathan Bean, from Fuel Poverty Action, added: “Without radical reforms, millions of us will continue to suffer and die in energy starvation due to inflated energy pricing.”

Caroline Simpson, a spokesperson for Warm This Winter, said: “Frankly this is shameful. Whilst the whole of the UK struggles with ‘Awful April’ these energy profiteers are celebrating ‘Awesome April’ with their latest results showing they made over half a trillion pounds in profits since 2020.

“It’s incomprehensible in so many ways and plain wrong that a mere 20 companies have made so much money out of people’s misery. The industry can spare a few of their many billions to bring down bills, pay for energy efficient homes and switch from oil and gas to save the planet.

“Now more than ever, we need to give everyone in the UK the peace of mind that comes with having energy security from homegrown solar and wind.”

It came as experts warned of the impact of the latest bill hike on those who risk losing benefits under the government’s welfare cuts. Recent polling by National Energy Action found that 49% of all respondents said they were likely to ration their energy use. But those with certain health conditions were more likely to expect to do so.

Adam Scorer, its chief executive, said: “Energy bills rising for a third time in a row is another blow for the millions of households struggling with the cost of energy and other essentials. A low-income household spending £1,849 a year or more on energy is not affordable. We already see the impacts of sustained high bills – total energy debt is at record levels and rising, and people have been rationing their heating to dangerous levels and going without essentials. “The additional support the government will put in place this winter will provide some welcome respite for some, but it won’t be deep enough to offset the impacts of these ongoing unaffordable bills.”