Is OFGEM Helping Energy Suppliers Hide Their Profits?

Daily Mail accuses OFGEM for having made a deal with the suppliers to hide their profits – OFGEM categorically denies such allegations.
We neither work for OFGEM nor do we sit on the management board of any of the suppliers, so we will never find out what’s behind the story. But how comes that despite sharp fall of wholesale prices and no price reduction to customer’s supplier’s profits do not seem to have increased much?
If OFGEM and other industry experts are calling for bigger price reductions, where is the extra money going? Perhaps excessive director’s wages? These won’t show up in the profits!