Martin Lewis asked the boss of Ovo Energy whether he is a “fat cat” who is “ripping people off” during a clash on Good Morning Britain.
The MoneySavingExpert founder put the accusations to CEO Stephen Fitzpatrick as the pair discussed the energy crisis millions of households face this winter.
Speaking yesterday, before Liz Truss was confirmed as the new Prime Minister, Mr Lewis said one plan reportedly being considered - and still unconfirmed - was a freeze on energy bills.
Mr Fitzpatrick said he was “expecting to meet” with the new Government “as soon as possible”.
The CEO added that there are “lots of things the Government can do in the next 12 weeks” to ease the cost of living crisis and “lighten the load” for struggling families.
Mr Lewis then asked: “I have to put this to you as well… a lot of people say: why are you sitting there, talking like this, when you’re a fat cat making the profits, ripping people off. How do you answer that charge?”
The OVO founder replied: “There are a lot of people making money in energy right now.
“There are a lot of companies that are making extraordinarily large profits - not necessarily by doing anything wrong, but they are making a lot of money.
“I set up an energy retail business, OVO Energy, 13 years ago. We are only in retail, we only work on behalf of customers.
“We don’t own any natural gas, we don’t own any power lines. We have no invested interests, except for what is good for customers.
“Ofgem set our prices. We don’t even set the price any more, because the price cap is the cheapest way to buy energy, so we are only advocating and working on behalf of customers.”
The response from the OVO boss comes after his energy firm confirmed a new £50million support package to help its customers over winter.
The new OVO Energy Customer Support Package will open from October 1 and will be targeted to “help customers with a real and immediate need”.
The help on offer will include payment holidays for all prepayment meter customers who are in debt.
It means households who are behind on their bills will see their money go towards heating their home, rather than paying back debts.
The new support will also include a 200% increase in emergency top-up credit for prepayment meter customers.
Customers who are vulnerable will also be able to access free technology and heat devices, such as smart thermostats and electric throws, along with free boiler checks.
