Energy bills set to skyrocket even more, suppliers warn

The electricity bills will soar even further in the new year, warn the providers.

Good Energy, EDF and the Energy UK trade association have communicated this Financial Times urgent government action after gas prices in wholesale markets have risen by more than 500% in less than a year.

Emma Pinchbeck, CEO of Energy UK, described the situation as a “national crisis”.

She told the FT: “Other sovereign bonds in Europe have already responded to the crisis, but in the UK the energy sector is still asking if the Chancellor knows that energy bills, which will increase by over 50% in the New Year, are a problem for ordinary people Citizens are. ”People, companies and the economy.

Nigel Pocklington, CEO of Good Energy – a small renewable energy company, told the newspaper the UK was facing a “national crisis” after recent price hikes created “an extremely difficult operating environment for any company in the industry.”

EDF Energy has also warned that the government must act immediately to assist customers.

More than two dozen utility companies have gone bankrupt since early September, leaving thousands of people unemployed and keeping millions of households in suspense while they wait for a new supplier.

Suppliers said the cost will be passed on to households across the country, putting further pressure on the already soaring bills.

Many in the energy industry attribute some of the problems to the energy price cap. The cap is currently set every six months, and as gas prices have skyrocketed in recent months, providers are being forced to supply households with energy at horrific losses.

Industry regulator Ofgem has proposed a number of short and long term solutions to the problems that the price cap causes in extreme circumstances.

This includes reviewing the upper price limit every three months or revising it in favor of a six-month fixed tariff.

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