The big six Energy companies made profits of £3.3 billion and consumer bills have risen by more than £300 a year since the government was elected in 2010 according to a damning report from the Labour Party. 

 The figures, uncovered by the opposition, reveal that that the total profits made by the big six Energy Companies increased from £2.219 billion in 2010 to £3.737 billion in 2012 a 74 per cent rise.

In the same period, the typical domestic dual fuel bill increased from £1,420 a year compared to £1,105 in May 2010, according to the latest indicators from Ofgem an average of 29 per cent according to the research.

Caroline Flint MP, Labour's Shadow Energy and Climate Change Secretary, said: "The public have been left with a £3.3 Billion Price Tag for David Cameron's failure to act on rip-off energy bills.

"He's totally out of touch with millions of people and Small Businesses who are struggling with soaring energy bills. His failure to reform Britain's broken energy market is leaving hard-pressed bill-payers massively out of pocket."

Flint also called for the creation of a "tough" new energy watchdog which would replace Ofgem and force energy companies to pass on price cuts when wholesale costs fall.

Labour also said it would require energy companies to pool the power they generate and to make it available to any retailer, opening up the market and making it more transparent.

In addition, Labour said it would give small businesses greater protection in the energy market by banning energy companies from offering unfair contracts and rolling small businesses over on to more expensive tariffs without their consent.