BIG SIX power companies could squeeze another £114 profit out of each home over the next year despite gas price cuts, regulator Ofgem predicted yesterday.

A massive drop in wholesale prices means that Eon, British Gas, Scottish Power, npower, SSE and EDF will be snatching just under 9 per cent more in profits per home this year.

That’s £9 more than Ofgem’s “supply market indicator” predicted as recently as November.

All the firms have announced paltry gas price cuts this month of between 1.3 and 5.1 per cent, while wholesale costs have plummeted by over 25 per cent.

The latest blow to coalition claims the super-profitable sector does not need state intervention comes as Labour tries to keep energy costs at the heart of the election campaign.

Energy Secretary Ed Davey claimed yesterday: “Customers aren’t going to stick around if they’re not getting a fair deal.

“There’s never been a better time to switch supplier and save.”

Yet backing for renationalisation of the power firms, which rake in billions collectively a year, now stands at over 65 per cent.

Ed Miliband’s Labour Party has refused to go down that path, instead promising to cap prices and bring in new powers for the feeble regulator to force firms to pass on wholesale price changes.

But Campaign for Public Ownership spokesman Neil Clark warned: “Public ownership is the only solution — these companies are very clever.

“If one area of their activity is under investigation or under scrutiny then they’ll readjust things.”