Energy customers are not cash cows, says Ed Davey 11 November 2013 Last updated at 22:40 Gas and electricity customers are "not just cash cows" to be "squeezed" to create bigger profits for shareholders, Energy Secretary Ed Davey will say. In a speech later, the Liberal Democrat minister will call on the industry to "open up your books" to show how it is trying to minimise tariffs. Millions of customers face price rises for gas and electricity this winter. But industry body Energy UK complained that a "tit-for-tat Punch and Judy show of insults" was developing. Greed The firms say the rises are largely due to increasing wholesale prices, but critics say they are unfair and will lead households into difficulties with bills. In September, Labour leader Ed Miliband announced plans for a 20-month energy price freeze from May 2015, should his party win the next election. He has accused the coalition of doing too little to help keep tariffs down. But the government has launched a competition review and will review green and social charges, responsible for some of the cost of bills. In his speech to the annual conference of Energy UK, which represents the industry, in London on Tuesday, Mr Davey will argue that companies need to make enough money to invest in greener technologies. He will add: "But those profits cannot come at the expense of the elderly, the vulnerable, and the poorest in our society. Customers are not just cash cows to be squeezed in the pursuit of a higher return for shareholders. Trust between those who supply energy and those who use it is breaking down. It is so difficult for people to work out what exactly they are paying for that they fear the big energy companies are taking them for a ride when bills go up. Unproductive Mr Davey will say: "Fair or not, they look at the big suppliers and they see a reflection of the greed that consumed the banks." He will tell companies: "You deliver an essential public service, so your industry must serve the public - and the public must have trust in what you do." Mr Davey will say the government is looking at how to reduce the impact of its policies on bills, adding: "But our commitment must be matched by a commitment in industry to open up your books and set out exactly how you are bearing down on your own costs to make bills as low as possible." He will also tell industry leaders they face a "Fred the Shred" moment, in reference to the former Royal Bank of Scotland boss Fred Goodwin, who was stripped of his knighthood after leading the bank to near-collapse in 2008. But Energy UK said: "The energy industry is already working hard to ensure everyone can keep the lights on and stay warm this winter. The best way to do this is for everyone to work together, which is why this tit-for-tat Punch and Judy show of insults is so unproductive. The energy industry is vital to the UK. It is a major employer, a serious investor and a significant taxpayer. As analysis from UBS shows, about 95% of rising energy costs are out of the hands of the energy companies and can be attributed to government policies and other network, social and environmental costs.